The decision by the Reserve Bank to leave the cash rate at 3% in March need not be seen in a negative light by anyone watching the property market. There have been plenty of positive signs of an emerging uplift in conditions, particularly in sectors of the economy that correlate closely to interest rate movements.
For a start, interest rates are at historic lows and any further cuts will be icing on the cake for existing borrowers and those looking to get into the property market. In addition to low interest rates we have a subdued unemployment rate, which according to the Australian Bureau of Statistics is currently standing at 5.4%.
Furthermore, property prices appear to be on the rebound, with national home prices rising by 1.3% over the year to February, according to the latest research by RP Data showing better long-term capital growth prospects. All these signs point towards an improving domestic economy and property market.
With the ever competitive nature of the home loan market, there may now be a better priced product available to you. Best of all, we get paid the same commission regardless of which home loan you choose, as long as it's a residential home loan with one of the 28 lenders on our panel. This ensures we're focused on the right outcome for you.
If you would like to review your home loan or learn more about your options, please contact the team at Mortgage Choice in Sutherland and we'd be happy to help you!