Sell with Confidence
Read More

Further reduction for interest rates

By Ben Faulks

There are various expenses you'll need to weigh up when buying real estate in Page, with one of them being the cost of taking out a home loan.

The good news is that mortgage rates soon look set to tumble, as the Reserve Bank of Australia (RBA) has reduced the official cash rate to a new all-time low.

Several difficulties in the Australian economy led to this decision, including a fall in commodity prices, as well as a decline in the domestic currency against the US dollar.

Commenting on the RBA's decision, economist with the Housing Industry Association Geordan Murray said there are high hopes it will lead to a rise in house building activity.

"New home building has been amongst the strongest performing sectors in the economy and the low interest rate environment has certainly played a role in boosting industry activity," he noted. 

First-time buyer activity may also be in line for a boost, as more people recognise the benefits of the low interest rates. They can reduce the proportion of income households need to make mortgage repayments, which could encourage prospective buyers to finally branch out into the property market. 

In some cases, it might be more affordable to buy a property than to rent, depending on the area you want to live in.

Up to Date

Latest News