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Today, the Reserve Bank of Australia (RBA) announced that its policy rate will rise by 0.25 per cent to 4.5 per cent. This will push mortgage rates well above 7 per cent. Every time the RBA lifts its rate by 0.25 per cent, the average mortgage holder is $A46 a month worse off. Since this tightening cycle began in October 2009 there have been 6 such rises which makes the average mortgage holder $A276 per month worse off than they were in September 2009. Most will be even worse off given that the commercial banks have been gouging larger proportional increases over this period. The decision also comes in the same week that the ...
Lenders are struggling to keep pace with an unexpected increase in applications from people who have fled the share market into the security of property, taking as long as a month to approve loans, which has led to some buyers missing settlement dates. Strict new lending criteria are adding to delays, as is the inexperience of home buyers having trouble navigating a maze of paperwork. Banks are being forced to add staff to mortgage processing divisions, which they had previously run down. Adding to the complexity is recent changes to Australian superannuation laws, which allow ... Read More
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