July 2022

At its meeting today, the Board decided to raise the cash rate by 0.50% to 1.35%

The Governor of the RBA, Philip Lowe’s statement is available in full CLICK HERE

We always knew that interest rates wouldn’t stay low forever.  However, there is a generation of Australian Homeowners that have never experienced rising interest rates.

If you are concerned about rising interest rates, please reach out to me for some tips that can help you!

Some good news for people trying to get in the market –

From 1 July, the Federal government has added 40,000 new places to the Home Guarantee Scheme.   The scheme gives first home buyers the opportunity to buy a home with a 5% deposit and avoid paying Lenders Mortgage Insurance.

The new labour government announced that the Scheme will be expanded to include:

• 35,000 places each financial year to support first home buyers to purchase a home with as little as 5% deposit, and
• 5,000 places each financial year to support single parents with dependents to purchase a home with as little as 2% (the Family Home Guarantee)

The property price cap has also been increased in NSW to $900,000 in the Capital city and Regional Centres, and $750,000 for rest of the state.

If you know someone that might benefit in one of the above scheme’s, please pass on my details.

Until next month, stay safe.