HOME LOAN MARKET UPDATE | JUNE 2020
HOME LOAN MARKET UPDATE | JUNE 2020
In this month’s update we discuss the interest rate market and the likelihood of further rate reductions. Some lenders despite the RBA putting the cash rate on hold lowered their variable rate home and investment loans this month. This is why we continue to recommend variable rate home loans to our clients as there is certainly downward pressure on interest rates and this looks like continuing for at least the next two years.
Our most recent client activity has been predominantly first home buyers and new clients looking to refinance their existing home/and or investment loans so they can save money. We are seeing some new clients save up to one percent off their current loans and with some lenders also offering up to $4,000 in refinance incentives, this can mean huge savings. Low property stock levels and interest rates is seeing the local real estate market being quite resilient despite the economic impacts of COVID-19.
June also saw the government announce the $25,000 home builder incentive which will commence on the 1st of July this year and end on the 31st of December. We discuss the finer details of this incentive scheme and how you qualify.
As always I am happy to have a chat (not a coffee unfortunately!) and advise on your personal circumstances.
Sean.
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