Lenders Mortgage Insurance (LMI) can be a significant expense when buying a home. It protects the lender if you can’t meet your mortgage repayments, but it doesn’t benefit you directly. Fortunately, there are several strategies you can use to avoid paying LMI, making homeownership more affordable. What is LMI and Why Do You Need It?…
At the April board meeting the Reserve Bank of Australia (RBA) held the official cash rate at 4.1% after the February rate cut, maintaining that the outlook remains “uncertain”. As widely expected, the Reserve Bank of Australia (RBA) has kept the cash rate unchanged at 4.1%, following February’s long-awaited 25-basis-point cut. Economists at each of the…
At the February board meeting the Reserve Bank of Australia (RBA) provided home loan customers with some relief by lowering the official cash rate by 0.25% to 4.10%. According to the RBA Underlying inflation is moderating The RBA reported that Inflation has fallen substantially since the peak in 2022, as higher interest rates have been…
Saving for your first home is one of life’s most exciting milestones, but it can feel daunting at the outset. With the right strategies, you can make your dream of homeownership a reality sooner than you might think. Whether you’re just starting your journey or looking to accelerate your progress, here are some practical tips…
As the new year rolls in, it’s the perfect time to reassess your financial health, especially if you’re planning to purchase a home or already have a mortgage. Whether you’re a seasoned homeowner or a first-time buyer, a financial reset can set the tone for a successful and stress-free year ahead. Here’s how to get…
At the December board meeting the Reserve Bank of Australia (RBA) has left the cash rate unchanged at 4.35%. The cash rate has remained at a 12-year high since the most recent hike in November 2023, an elevated level aimed at taming inflation. In its decision, the board admitted while inflation had fallen since its…
On Melbourne Cup Day, 5 November 2024, the Reserve Bank of Australia (RBA) has announced another hold in the cash rate, leaving it at 4.35%. The Melbourne Cup Day monetary policy meeting in 2023 marked the last time the RBA hiked interest rates, going up from 4.1 per cent to 4.35 per cent. The cash…
At its board meeting this week, the Reserve Bank of Australia announced it will hold the cash rate at 4.35%. This follows an increase in annual inflation with data last week showing an increase to 3.8% over the year to June. The inflation data shows he first increase since the December 2022 quarter, with many…
Hats off to Australia’s first home buyers! The latest lending data shows they’re refusing to let last year’s rate hikes and rising property values dampen their goal of buying a home. Here are five tips to help you buy your first home in 2024. You’ve gotta hand it to first home buyers in the current…
The property market has ignored higher interest rates, with values rising almost 5% since March. But why are national housing prices climbing when interest rates are higher? Australia’s housing market continues to defy the odds and show resilience – even with higher interest rates and higher inflation. Despite interest rates rising 4% in a year…