Australian’s looking to purchase a home or refinance existing loans will now have their home loan borrowing capacity increased due to changes from the Australian banking regulator, APRA.
For the second month in a row the Reserve Bank of Australia have reduced the cash rate to a new record low of 1%. That’s a 0.25% drop from last month. Australia now has the sixth lowest interest rate worldwide.
Which banks have reduced interest rates in response to the Reserve Bank of Australia cutting the cash rate to the record low of 1.25%?
The RBA slashes the cash rate to 1.25% – It’s time to celebrate! This is the news we’ve been waiting for and as many predicted, today the Reserve Bank of Australia made history by reducing the official cash rate by 25 basis points to a record low of 1.25%.
A home loan redraw facility allows you to redraw any additional repayments you have made on your loan. Making additional repayments on your loan reduces the loan balance, meaning you save money on the amount of interest your paying.
Australia’s housing market might be on a bit of a downward trajectory, but that doesn’t mean the value of your home can’t buck the trend. Here are five ways you can increase the value of your property, without necessarily increasing your monthly mortgage repayments.
St Clair is located 39 kilometres west of the Sydney CBD in the local government area of Penrith City Council. Currently the median sales price of houses in the area is $720,000, with 79.3% of homes being owner occupied.
Higher interest rates, increased fees, less flexibility, more loans declined and fewer options. That’s how borrowers will lose out if the banking Royal Commission’s recommendations around how mortgage brokers are paid are implemented.
Seven in 10 Australian mortgage holders have not stress tested their home loan. But don’t stress, it’s much easier to do than you think.
Reduce your home loan and pay less interest with very small changes
You can easily reduce your home loan and pay less interest with a variety of very small changes that won’t have a big affect on your day to day finances. Many people think that the only way to save money on a home loan is to pay large amounts of additional repayments that they just can’t afford – this is not the case. There are many small changes that you can make that will dramatically reduce both the amount of interest you pay over the life of your loan and the years it takes to pay off.