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A drop in the number of new home sales in September may cause the RBA to hold off on a 0.50 per cent interest rate rise, and favour a smaller quarter-percentage point rise.
New home sales fell by 4.5 per cent in September 2009 following a strong surge in August, the latest Housing Industry Association (HIA) survey reveals.
HIA’s Chief Economist, Dr Harley Dale said there “was a late burst of sales from first home buyers in August ahead of the step-down in the first home buyers grant.”
“But the stimulus to new home sales from the First Home Owner Boost is ...
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Categories: News. Tags: Home Loan Interest Rates, Interest Rates, Mortgage Rates.
The big four banks have raised fixed mortgage rates on the back of increased funding costs.
National Australia Bank (NAB) yesterday became the last of the big four banks to raise fixed mortgage rates, with the one-year fixed rate up 50 basis points to 6.59 per cent, and its two-year fixed rate up 40 basis points to 7.29 per cent.
NAB’s three-year fixed rate increased 40 basis points to 7.59 per cent.
Westpac, CBA and ANZ have also raised their fixed mortgage rates in recent weeks.
CBA was first off the mark a week ago, citing funding costs as ...
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Categories: Home Loans and Mortgages, Interest Rates. Tags: Fixed Loan Rates, Fixed Mortgage Rates, Fixed Rate Home Loan, Mortgage Rates.
The housing industry has expressed concern over the Reserve Bank of Australia's move to lift the official cash rate by 25 basis points to 3.25 per cent, at it's board meeting today.
In a statement released shortly after the move, the Reserve Bank Governor Glenn Stevens said that housing credit has been solid and dwelling prices over the last six months had continued to rise.
The rate rise which is the first since March 2008, makes the Reserve Bank the first central bank in the G20 to raise interest rates in the wake of the global financial crisis.
“In late 2008 and early ...
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Categories: Home Loans and Mortgages, Interest Rates. Tags: Home Loan Interest Rates, Interest Rates, Mortgage Rates.
Australian mortgage holders and prospective first home buyers should factor in a two per cent rate rise, Reserve Bank of Australia (RBA) governor, Glenn Stevens, has told a parliamentary hearing.
While not endorsing lenders to raise their mortgage rates, Mr Stevens said interest rates cannot remain at the current 49-year low of 3 per cent, indefinitely.
"It would always be prudent to be confident you could absorb some increase in interest rates when you are taking out a variable rate loan at any time, particularly now,'' he said.
Meanwhile, the recently released Fujitsu Mortgage Stress-O-Meter for June 2009 shows the number ...
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Categories: Home Loans and Mortgages. Tags: Mortgage, Mortgage Rates, Mortgage Repayments.
The Reserve Bank of Australia has today left interest rates unchanged for the third consecutive month.
Prior to the decision, economists had tipped interest rates to remain on hold following minutes from its June meeting that revealed the board did not see any pressing reason for a further interest rate reduction.
Despite interest rates remaining steady since April, there is still some conjecture as to the direction rates will go in the months ahead with some economists predicting further reductions and others warning of inevitable rises.
At its board meeting this afternoon, the RBA said the downside risk to the global economic ...
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Categories: Interest Rates. Tags: Interest Rates, Investment Loans, Mortgage Rates, Property Finance, RBA.
