The Reserve Bank (RBA) made a statement this week that bodes well for property, the economy – all the time with ultra-low rates.
In the RBA’s statement to Parliament this week, it said that in the past 12 months there has been an increase of 200 000 jobs, or about 2 per cent. The RBA commented that
“what is pretty clear is that the economy is growing” RBA statement
The two biggest influencers on the property market are interest rates and employment. And here it looks good for property. If someone has a job they can probably make home loan repayments. If interest rates are low, repayments are easier and buyers are prepared to pay just a little bit more.
Competition between banks remains strong; two lenders are offering rates of 3.99 per cent. For a no-obligations review of your loans and interest rates, please contact Chan & Naylor Finance on 1300 30 68 68