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Lenders raise rates despite RBA hold

Once again, it’s more of the same from the Reserve Bank of Australia (RBA), which has opted to keep the official cash rate on hold at 1.5% during October.

The RBA weighed up a number of factors in its decision. The global economic outlook is still favourable, Australia’s economy is in good shape, and as we head towards the festive season, unemployment, which is already low, is likely to drop a notch or two.

Interestingly, the Reserve Bank is under less pressure now to shift the official cash rate following the recent out of cycle rate hikes we’ve seen from a number of lenders. Yet despite these rate rises, variable home loan rates are still very low, and strong competition between lenders is helping to drive some good deals.

This all comes at a time when home values are still falling, particularly in some parts of Sydney and Melbourne, and that means spring 2018 is shaping up to deliver some great buys for property bargain hunters.

There’s no denying that Melbourne is delivering great value just in time for the bumper spring market. Home prices softened by 0.6% in August, bringing the total dip in values to 1.7% over the last year, and that’s giving first home buyers some of the best buying opportunities seen in years. We’re certainly seeing a big uptick in first-time buyer activity – also spurred on by generous first home buyer concessions and record low interest rates.

Melbourne continues to be one of Australia’s most liveable cities and that’s driving a real population boom, with predictions earlier this year that the city’s population could skyrocket past 5 million by 2021 and past 8 million by 2050.

In recent news, the state government has announced plans for a $50 billion underground train line linking Melbourne's western and eastern suburbs via the airport. Featuring 12 new stations, this rail link will not only provide a boost to Melbourne’s economy, it’s going to be a big driver of rising property values in suburbs further out from the CBD.

Outside of Melbourne, regional Victoria is dishing up a smorgasbord of opportunities for investors. The trailblazer right now is Geelong, where home values have leapt up 11.8% in the last year. Ballarat has been another winner, notching up price gains of more than 7.0%. In fact, regional Victoria as a whole has performed well, recording gains in home values of 5.7% since August 2017.

Now is the time to pick your patch for spring. Buyers across the board can still tap into low rates and with pockets of tremendous value up for grabs, the warmer months are offering exceptional opportunities for first home buyers and upgraders.

What does it mean for you?

For home owners, now really is the time to be sure you have the right loan for your needs, specially if your lender has recently been in touch to say your home loan rate is rising. It’s certainly not the case that all lenders have hiked their rates, and we are still seeing a big difference in home loan rates across the board. With the ideal home loan in place, you’re looking good to enjoy some spring bargains on the property market.

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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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.

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 400,000 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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