Property Market Updates

On August 2, the RBA announced that it would cut the official cash rate by 0.25% to a record low 1.5 per cent

Home loan customers of Commonwealth Bank, Westpac, National Australia Bank and ANZ Bank will receive only part of last Tuesday’s cut in official interest rates, with the lenders blaming higher costs and tougher regulation.

ING announces their lowest variable and fixed rates on home loans to date. Their 3 Year fixed rates start as low as 3.69% p.a. (4.42% comparison rate).

Offer applies to loans approved from July 25, 2016. Conditions apply.

Australia’s population is expected to hit 40 million by 2050. The impact is explored in HIA’s Housing Australia’s Future report.

The property market is dynamic, with trends changing from week to week. Here’s what people are talking about right now.

International buyers continue to have strong interest in local markets, with many real estate agents actively courting overseas buyers to purchase high-end properties.

According to the Foreign Investment Review Board, approvals for foreign investment in real estate increased by 57% in 2014-15.

We are proud to introduce the latest lender in our OneSite lending panel, Virgin Money Home Loans. Liz was lucky enough to be invited to attend the launch on 26th May 2016 and meet Sir Richard Branson in person.

Virgin’s variable rate loan products come with 100% offset account facility and a free redraw facility.

As you know, the RBA has cut the cash rate by 0.25% recently. This has added a bit more competition into the home loan market.

Most of the lenders have passed on the full 0.25% reduction on their variable home loan products in an effort to defend their market share.

In addition to the above, Newcastle Permanent have an additional non advertised special which will be available for a limited time, utilising a low cost parcel of funds that they have acquired.

The Treasurer, Scott Morrison handed down the 2016-17 Budget earlier this month stating that this budget is an economic plan, not just another budget.

He says it’s an economic plan that is the foundation of creating jobs and fostering innovation. It broadens a number of the initiatives set out in last year’s budget.

The year started with some turbulent economic activity in the local and international spheres, including a falling Australian dollar local share market falls and the slowing of the Chinese economic situation of early 2016.

What does the rest of 2016 hold in store?