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Found 5 results

  1. On hold again, as most predicted. "Growth in China has slowed a little, with the authorities easing policy while continuing to pay close attention to the risks in the financial sector. Globally, inflation remains low, although it has increased due to both higher oil prices and some lift in wages growth. A further pick-up in inflation is expected given the tight labour markets and, in the United States, the sizeable fiscal stimulus. One ongoing uncertainty regarding the global outlook stems from the direction of international trade policy in the United States. ...In Australia, money-market interest rates have declined recently, after increasing earlier in the year. Standard variable mortgage rates are a little higher than a few months ago and the rates charged to new borrowers for housing are generally lower than for outstanding loans. ...Conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low. Growth in credit extended to owner-occupiers has eased but remains robust, while demand by investors has slowed noticeably as the dynamics of the housing market have changed." Read the full release here.
  2. Hi all Bit behind the 8 ball and catching up on some posts after a few busy weeks. A lot happening in the mortgage market with rate moves, refinance offers, lending policy changes, the Banking Royal Commission interim report released and more! First things first - the RBA. Last week to no ones surprise the RBA left rates on hold again: "In Australia, money-market interest rates are higher than they were at the start of the year, although they have declined since the end of June. In response, some lenders have increased their standard variable mortgage rates by small amounts, while at the same time reducing mortgage rates for some new loans. ...Conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low. Growth in credit extended to owner-occupiers remains robust, but demand by investors has slowed noticeably as the dynamics of the housing market have changed. Credit conditions are tighter than they have been for some time, although mortgage rates remain low and there is strong competition for borrowers of high credit quality." Full release can be read here More on the rest soon, watch this space!
  3. So late yesterday (after I finished my other post, naturally) Westpac announced it will be increasing rates by 0.14% p.a. quoting increased wholesale funding: In particular the bank bill swap rate, which is a key wholesale funding rate for mortgages, increased by about 25 basis points between February and March this year and has remained elevated. “We initially hoped that this increase would be temporary, and therefore we have incurred these costs over the last six months. The rate changes announced today will not recover these costs..." - Official Westpac Media Release, 29 August 2018 I.e we didn't increase them then, but we are now, and not by the full amount needed cover costs. Interpret that as you may. So the big question is when/if this will cause a domino effect with the other big banks? There have been rises in smaller banks but none of the big four, perhaps due to the target already firmly on their backs as a result of the Royal Commission. Will they follow suit hoping that Westpac will take the first wave of anger and disapproval? Or will they stand fast in an effort to claw back a little customer sentiment? (Along with some nicely crafted marketing giving themselves a cheeky gold star of course). No doubt we will find out shortly. Bottom line, the only real way to guarantee your rate and repayment is to be on a fixed rate, but they come with restrictions - so do you homework first to see if it is right for you. As I have already mentioned elsewhere rates are so low at the moment that when they eventually go up again it will be a shock to the system for many that have only ever known low rate environments. So prepare yourselves. Those of the era of double-digit interest rates know what I mean. The RBA knows it too and have flagged rising rates as something to prepare for. Some economists now argue this recent move by Westpac (and potentially by others) may now delay any increase decisions by the RBA. Time will tell.
  4. The Pom Queen

    ANZ Mortgage Rates Increased AGAIN

    In a statement released late today, ANZ maintained it needed to lift it lending rates because of rising wholesale funding and deposit costs. However, the move sparked fears that the other major lenders will do the same as borrowers with a variable rate were warned to mortgage warned to keep a close eye on their home loans. ANZ will now have the second-highest standard variable mortgage rate of 7.42 per cent following Westpac, when the rate changes take effect on Friday April 20, 2012. Financial comparison website RateCity this afternoon labelled ANZ’s move disappointing given that other lenders are likely to follow its lead. RateCity CEO Damian Smith said: “ANZ has become the unofficial rate movement setter for Australia’s mortgage market since it began reviewing its interest rates on the second Friday of every month this year. “Now that ANZ has given other lenders the ‘green light’ on lifting rates, we expect that other lenders, including the major banks, will follow their lead.” He also urged borrowers to keep track of their loan by comparing their rates with other financial institutions and financial comparison websites. But ANZ stood behind the decision with the head of its Australian operations Philip Chronican claiming “the funding environment changed quite dramatically in late 2011 as a result of the economic and financial crisis in Europe”. “We accept our response to the new funding environment is difficult for some of our customers - even though deposit customers have benefited from better rates,” he said. "Given this and the volatility we have seen in wholesale funding markets, we wanted to ensure these costs were sustained before we acted to pass them on. "We also wanted to pace increases in a way that was manageable for our customers and ensured we were competitively positioned." The RBA cut the cash rate in November and December last year, but retail banks independently increased their lending rates in February due to their increased funding costs. ANZ decided to leave its variable rates unchanged in March but raised a raft of fixed-interest mortgage products. The bank's chief executive Mike Smith warned in February further interest rate rises were on the cards, despite ANZ reaping a $1.48 billion first quarter profit. He said the bank's margins would continue to be squeezed as wholesale funding costs remain higher and competition for deposits continues.
  5. Australians face more home loan pain, with the big banks considering a rate rise this week. Despite demand for a rate cut, the Reserve Bank yesterday left official interest rates at 4.25 per cent after consecutive cuts late last year. Financial experts warn the big four banks - ANZ, Commonwealth Bank, NAB and Westpac - may lift their rates this week to protect their profits rather than wait for the RBA's March meeting. So does this mean if the RBA lift them in March (I know the chances are unlikely but it's a what if scenario) the banks would also lift them again, or would they say no we will keep them the same because we lifted the rate in February?:no:
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