July 2023

RBA DECIDED TO LEAVE THE CASH RATE ON HOLD

At its meeting today, the Board decided to leave the cash rate unchanged at 4.1%

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

What a welcome relief this will be for mortgage holders!

If you would like your Mortgage reviewed, please email me with your Current Balance and your current interest rate, and let me see if your lender is prepared to review your rate!

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

From FY2023-24, the Federal government has added 50,000 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.

• First Home Guarantee (FHBG) – supporting eligible home buyers to buy a home sooner, with a deposit as little as 5%, 35,000 places are available.
• Regional First Home Buyer Guarantee (RFHBG) – supporting eligible regional home buyers to buy a home sooner, in a regional area, with a deposit as little as 5%. 10,000 places are available.
• Family Home Guarantee (FHG) – supporting eligible single parents and eligible single legal guardians of at least one dependent to buy a home sooner, with a deposit as little as 2%.   5,000 places are available.

If you know someone that might benefit from one of the above schemes, please pass on my details.

Finally I wanted to share an article from Macquarie Bank, “7 big trends reshaping the property market”.    CLICK HERE

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Until next time….