Useful Facts Without Opinions: Interest rates and home loans
The Reserve Bank kept the official cash rate at 3% this week, saying in their official statement that, “dwelling investment appears to be slowly increasing with higher dwelling prices and rental yields.” So here’s some stats that might be of interest:
– Official rates have now had 6 cuts, dropping 1.75% in the past 16 months. The current rate is the lowest on record.
– The HIA says banks have withheld 0.4% of these cuts.
– The lowest interest rate available for a home loan is now down to 4.83% according to ratecity.com.au
– Yellow Brick Road’s Suzy Butterworth reminds borrowers to check what happens after any introductory periods. “There’s often a big change after that initial time.”
– Fixed rates are now on offer from 4.99% for 3 year and 5 years from 5.59%
– Know what you’ll be doing in the year 2023? You can even choose to fix for 10 years with rates starting at 7.49%
– Commonwealth Bank is the dominant lender with more than one million home loan customers. The bank’s huge buying power when they source funds has some commentators tipping them to drop rates outside an official RBA change.
– ANZ makes their monthly rates announcement this Friday
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