A recent industry report has confirmed that Banks are able to charge loyal clients higher interest rates as these clients are least likely to negotiate and will simply accept the higher Bank charges. Read more
Latest News
Qld First Home Owners Grant Cancelled
First Home Owners in Queensland will be major casualties of the budget cuts announced by the new State Government with the $7,000.00 First Home Owners’ Grant to be terminated almost immediately with first home buyers only having until the 11th of October to finalise their contracts and claim the grant. Read more
Cash Rate Steady at 3.50%
Tuesday 4th September 2012
The Reserve Bank is continuing the policy of “Wait & See” by electing to retain the Official Cash Rate (3.5%) at the current level for another month.
The RBA has not ruled out future reductions to Interest Rates prior to the end of 2012.
Interest Rates Remain on Hold
The Reserve Bank of Australia has confirmed that the Official Cash Rate will remain at 3.50% throughout August 2012.
This decision was anticipated by Senior Economists who believe the RBA is acting cautiously, however, further reductions in Interest Rates are predicted prior to the end of 2012.
Interest Rate Announcement July 2012
RBA announcement … NO CHANGE TO INTEREST RATES
Commonwealth Bank Slugs First Home Buyers & Investors
From Monday 2nd July the CBA will be increasing the Interest Rates for First Home Buyers and all new Borrowers who are not able to save a 10% deposit.
This increase in Interest costs will also effect Investors who are seeking to maximize their taxation benefits.
CBA is hoping borrowers will not notice the change as they have cleverly disguised the rate increase by reducing their standard discounts for selected borrowers.
The GOOD NEWS for borrowers is that there are many other cheaper Home Loans and Investment Loans in the market to choose from.
So much for the CBA starting the New Financial Year off with a BANG !!!
Who has the lowest Interest Rate
Considering the varying responses by the Banks to the recent RBA Interest Rate cuts there is little wonder why many borrowers are becoming confused and are asking:
“What is my new Interest Rate ?”
and
“How does my Interest Rate compare to other Banks ?” Read more
RBA continues to cuts Interest Rates !!!
The Reserve Bank of Australia announced a further reduction in Interest Rates of 0.25% p.a. (25 b.p.).
This is the 2nd consecutive month in which the RBA has been forced to reduce the Official Cash Rate to stimulate the Australian economy, which continues to be challenged by low growth and the increasing cost of living.
More Rate Cuts in 2012
A major bank economist has predicted as many as four more rate cuts before the end of the year.
Westpac chief economist Bill Evans has told Fairfax that the Reserve Bank could drop the official cash rate as low as 2.75% by the end of 2012. Evans said economic conditions are fragile, necessitating deep rate cuts.
“You can’t ignore what’s going on in the market. There’s a fair degree of disquiet. Monetary policy is too tight given the shock to confidence and fragility of the economy. Retail has lost its momentum, house prices have edged off, capital spending is quite soft excluding mining,” Evans said.
Evans forecast successive 25bp cuts in June, July and August, followed by one more before the end of 2012.
Australian Broker Online – 1/6/2012
Stamp Duty Concession
Great News for Qld Home Buyers !!!
Qld Stamp duties rebates will be re-introduced for Purchase Contracts signed on or after 1st July 2012.
This can save home buyers $6,575.00 – $7,175.00 for properties priced between $350,000.00 – $750,000.00.
