Welcome to your Summer edition of Choices!
The days are getting warmer and the festive goodies are lining store shelves – it must mean we are racing towards the end of the year. That makes it worth a quick look back at some of the key events of 2018.
And what a year it’s been! The last 12 months have seen the property markets of Australia’s two largest cities – Sydney and Melbourne, pull back from the extraordinary price growth of recent years, and as a result many homes in those areas have become a lot more affordable.
Property markets move in cycles, so undoubtedly at some stage home values will once again swing upwards in those cities where prices are currently cooling. But for now, first home buyers and upgraders have a golden opportunity to achieve their property goals while home loan interest rates are still very low.
Still on the banks, in spring we saw three of Australia’s largest banks announce higher home loan interest rates. That was despite the Reserve Bank of Australia keeping the official cash rate on hold.
It goes to show that homeowners can never be complacent about their loan, and not surprisingly, we’ve received plenty of enquiries from customers wanting to know if they should switch to get a better deal. If your home loan repayments have risen as a result of these independent rate rises, set a date to speak with your Mortgage Choice broker – you don’t have to simply accept a higher rate.
We hope you enjoy your summer edition of Choices, if there is anything you’d like to learn more about, don’t hesitate to contact your Mortgage Choice broker.