Housing affordability has declined to its worst level in three decades, PropTrack research has revealed. The PropTrack Housing Affordability Index has revealed housing affordability has dropped to a 30-year low as of June 2023 as a result of surging home prices throughout the COVID-19 pandemic and the Reserve Bank of Australia’s aggressive monetary policy tightening […]
The value of refinancing once again soared to new heights amid strong competition in the mortgage market. The latest Lending Indicators data released by the Australian Bureau of Statistics (ABS) revealed that the value of external refinancing for total housing rose 5.4 per cent in July 2023 in seasonally adjusted terms. This marked yet another […]
While accumulated household savings are helping cushion impact of high rates, consumer spending is set to slow as borrowers approach record-high mortgage repayments. Over the next 12 months, consumer spending is set to “slow significantly” as excess savings dwindle and mortgage repayments climb to record highs, AMP deputy chief economist Diana Mousina said in the Econosights […]
A personal finance marketplace has said the number of home owners struggling to refinance due to serviceability issues has jumped to 30 per cent. Personal finance marketplace Compare Club has revealed the number of home owners struggling to refinance due to serviceability issues has doubled from 15 per cent to 30 per cent in under […]
In today’s economic climate of rising living costs and financial uncertainty, home buyer education via mortgage brokers is key to ensuring more people have the opportunity to achieve financial wellbeing through home ownership. Equipped with the necessary tools and resources, mortgage brokers are being increasingly seen in the market as trusted, reliable advisors and supporters […]
Nearly all of the residential loans written by AMP Bank in the last six months have come from the broker channel, according to the lender. Financial services group AMP has released its financial results for the first half of the calendar year 2023 (1H23), revealing that its mortgage book grew 8.3 per cent on last […]
The Reserve Bank has lifted its projection for the amount of disposable income that will need to be dedicated to scheduled mortgage repayments. In the latest Statement on Monetary Policy (August 2023), the Reserve Bank of Australia (RBA) has projected that scheduled mortgage repayments will “increase to a historical high” of approximately 9.8 per cent […]
The big four banks have adjusted their cash rate forecasts on the heels of interest rates being held steady in August. The Reserve Bank of Australia (RBA) decided to hold the official cash rate at 4.1 per cent for the second consecutive month during its monetary policy meeting on 1 August, prompting the major banks to update […]
The central bank has called the official cash rate for the month of August. The Reserve Bank of Australia (RBA) has confirmed it will hold the official cash rate at 4.10 per cent today (1 August 2023) for the second consecutive month. This is the first time the central bank has held the cash rate […]
While some of the major banks’ economists have revised down their peak estimates for the cash rate, a hike in August remains on the cards. All eyes will be on the Reserve Bank of Australia (RBA) on Tuesday (1 August) as it meets to deliver its next monetary policy decision. The RBA has raised the […]