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Time to celebrate! Reserve Bank cuts cash rate!

June 2019

Time to celebrate, Australia! The Reserve Bank of Australia (RBA) has taken the remarkable step of slashing 0.25% off the official cash rate, taking it down to a new record low of 1.25%.

This is fantastic news for many homeowners, who can expect lower home loan repayments, and some handy spare cash to manage household budgets.

Inflation is lower than expected

The RBA’s decision to lower the cash rate was no big surprise for many economists. Inflation, which measures increases in the cost of living, has been a lot lower than the Reserve Bank would like to see, and this can be a sign of a slowing economy.

The Reserve is hoping that the rate cut will encourage households to spend more. This will support business growth, and help Australia’s economy remain strong.

In a highly competitive home loan market, a growing number of lenders including the big banks, have already lowered their home loan rates – especially fixed rate loans. So it’s unclear if lenders will pass on today’s full 0.25% rate saving.

However, in the wake of the Banking Royal Commission, banks may want to be seen to ‘do the right thing’ by their customers, and reduce variable rates by the full 0.25% rate cut.

Property prices are still soft but the worst could be over

Meanwhile, the property market continues to experience weak conditions with home values still falling in a number of state capitals. However, according to CoreLogic[1], the rate of decline is slowing.

Nationally, home values fell by 0.5% in April 2019, and are 7.2% lower over the past 12 months. The only capital city to record an uptick in April was Canberra, where values rose 0.4% for the month.

On the plus side, CoreLogic says it looks as though housing market conditions may have moved through the worse of the downturn.

What is clear right now, is that we’re seeing a buyer’s market. But this may not last indefinitely.

First home buyers flex their muscle

First home buyers are flexing their buying muscle in a big way. The Housing Industry[1] says that new home sales are on the rise in several states including New South Wales, South Australia and Western Australia.

With the Federal election behind us, and the Morrison Government re-elected, investors no longer face concerns over changes to negative gearing. Coupled with today’s rate cut, that’s likely to see renewed buying activity among investors.

The bottom line is that today’s property market offers outstanding opportunities, and coupled with low home loan interest rates, there are exciting opportunities to achieve personal property goals.

This is set to bring about a lot of market changes and added complexity, so give your local Mortgage Choice broker a call before making any final property decisions to ensure you are placed in the right home loan product for your needs.



We know how important it is for you to be able to trust the advice you are receiving from our experts.

Our home loan service comes at no cost to you because we get paid a commission by the lender when you settle a home loan. We then pay your broker but we do it differently from other mortgage brokers. Your Mortgage Choice broker gets paid the same rate of commission no matter which home loan you choose from our wide choice of lenders.

This makes sure they always have your best interests at heart.

We have local experts available to help you with all things finance related. They'll make complicated easy and provide you with the information and advice you need to make the right decisions with your money.

We can assist you with your personal finances including your home loan, car loan and insurances and our financial advisers can help you plan to achieve your financial goals now and in the future. We can also help you organise finance to start or grow your business and fund your assets.

Contact one of our local experts today to see how we can help you. 

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Mortgage Choice was founded by the Higgins brothers over 25 years ago. They believed in giving Australians access to a choice of home loans, backed by expert advice to help them make the right choice. They were pioneers in mortgage broking and we've since helped over 600,000 people with their home loans.

Over the years, our passion for offering choice and advice has been extended to other areas of personal and business finance, including our industry leading financial planning service.

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