The Reserve Bank of Australia (RBA) has cut the cash rate today, taking the official rate down to an unheard of low of 0.75%.
It’s exciting news for all of us – and it’s giving more Australians a chance to kick some property goals.
Wafer thin rates certainly appear to be doing just the job the RBA had hoped for, with recent figures showing an uptick in Australia’s economic growth – a turnaround from the performance we saw earlier in the year.
The latest rate cut is designed to keep the job market strong, and support sustainable growth. For home buyers and home owners it’s cause for celebration before the holiday season kicks off.
Attractive home loans
Today’s rate cut is likely to bring on a fresh new round of attractive home loan deals. Already we’ve seen home loan rates tumble over recent months, and there’s currently strong competition in the form of discounted rates and other incentives. Now is the time to have your home loan checked out by your local Aussie Broker. If you’re not with a competitive loan, you’re wasting money. It’s that simple.
Home values heat up
With interest rates at record lows – and which could fall even further, it’s no surprise that home buyers are flocking to the property market. The last week of September saw auction clearance rates of 74% across the nation, a massive uptick on the clearance rate of 52% seen this time last year. Increased buyer demand is also helping push up home values nationally, with property values rising by 0.8% in August.
Skip the mortgage mumbo jumbo
The combination of incredibly low rates and more affordable property values is creating all the right conditions for first home buyers and upgraders. But research by Aussie found almost one in three Australians are putting off buying because the home loan process seems confusing, hard to navigate, and stressful.
If that sounds like you, go straight to Aussie for straight-talking advice to simplify the process, and take the confusion out of your home loan.
As an added bonus, when you attend an appointment with an Aussie Broker before November 30, you could win $15,000.*
*Terms and Conditions apply, see aussie.com.au/promotions for details.