Could you save money on your mortgage? As house prices cool and lender rivalry heats up, experts say Australians should ask
There is talk that lenders are starting to compete more fiercely for customers as demand for new home loans drops Get our breaking news email , free app or daily news podcast Homeowners with a mortgage dodged a bullet this week when the Reserve Bank of Australia board chose to hold its official cash rate at 4.35%. The reprieve may prove short-lived, though, with a number of economists and…
As house prices seem to be decreasing, lenders are reportedly becoming more competitive in their pursuit of customers, according to experts. This comes as demand for new home loans has reportedly been on the decline. Despite this, the Reserve Bank of Australia (RBA) recently decided to maintain its official cash rate at 4.35%, offering some relief to homeowners who managed to avoid a rate hike this week.
However, the relief may not last long, as several economists and financial markets are predicting another hike this year, bringing the total to four rate increases this year, which could further burden households already grappling with the high cost of living.
Financial experts suggest that the best way to protect oneself from the potential impact of rising interest rates is to be proactive. The market is beginning to witness a surge in competition among lenders, who are reportedly stepping up their efforts to attract customers by offering more favorable deals. To make the most of this situation, it is suggested that Australians should take a closer look at their current mortgage terms and explore whether switching to a new lender could potentially save them money.
Written by urgent.news from The Guardian Australia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
