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Found 9 results

  1. Merry Christmas says the RBA. No changes to the cash rate. Here's some interesting bits of today's announcement, which will be the last until 2019: "The global economic expansion is continuing and unemployment rates in most advanced economies are low. There are, however, some signs of a slowdown in global trade, partly stemming from ongoing trade tensions... Financial conditions in the advanced economies remain expansionary but have tightened somewhat. Equity prices have declined and credit spreads have moved a little higher. There has also been a broad-based appreciation of the US dollar this year. In Australia, money-market interest rates have declined, 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... One continuing source of uncertainty is the outlook for household consumption. Growth in household income remains low, debt levels are high and some asset prices have declined. The drought has led to difficult conditions in parts of the farm sector... Conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low. Credit conditions for some borrowers are tighter than they have been for some time, with some lenders having a reduced appetite to lend. The demand for credit by investors in the housing market has slowed noticeably as the dynamics of the housing market have changed. Growth in credit extended to owner-occupiers has eased to an annualised pace of 5–6 per cent. Mortgage rates remain low, with competition strongest for borrowers of high credit quality." You may read the full release here.
  2. 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.
  3. 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!
  4. No change again, rate remains on hold: "Conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low. Housing credit growth has declined to an annual rate of 5½ per cent. This is largely due to reduced demand by investors as the dynamics of the housing market have changed. Lending standards are also tighter than they were a few years ago, partly reflecting APRA's earlier supervisory measures to help contain the build-up of risk in household balance sheets. There is competition for borrowers of high credit quality." - Statement by Philip Lowe, Governor: Monetary Policy Decision, 4th September 2018 But as we can see from this past week, this is only one factor used by lenders in determining whether or not to move on rates. Is it to cover cost of wholesale funding or to recoup upcoming fees for civil penalties? Watch this space. Full release by RBA available here.
  5. Low and behold, at its meeting today, the Board decided to leave the cash rate unchanged again at 1.50 per cent. Some interesting parts of the media release, or you can read the full version here: "In Australia, money-market interest rates are higher than they were at the start of the year, although they have declined somewhat since the end of June. These higher money-market rates have not fed through into higher interest rates on retail deposits. Some lenders have increased mortgage rates by small amounts, although the average mortgage rate paid is lower than a year ago." Indeed, some lenders have started to creep up mortgage rates slightly quoting higher costs - the true reasons for doing so is anyone's guess, as they are unfortunately able to alter rates independently of any RBA decision. An old abandoned interest earning account is still at 0.01%, however. "Conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low. Housing credit growth has declined to an annual rate of 5½ per cent. This is largely due to reduced demand by investors as the dynamics of the housing market have changed. Lending standards are also tighter than they were a few years ago, partly reflecting APRA's earlier supervisory measures to help contain the build-up of risk in household balance sheets. There is competition for borrowers of high credit quality." Tightening in lending criteria is certainly evident as the industry rushes to ensure compliance as auditors and regulators get the fine tooth comb out. Quite heavy in the investment lending side of things yes, but for owner occupiers or those moving into investment properties, be prepared to show the bank proof that you actually live there. A few lenders have started to enforce this for any product switches; what suffices for evidence varies between lenders. Speaking of big brother, keep an eye out for random acts of 'kindness' from your super company as Round 5 hearings of the Royal Commission looks at the super industry. What a pleasant surprise that my super company refunded me some administration fees they 'accidentally' charged... "Sorry we robbed you - here, have it back". And last but not least from the RBA media release: "One continuing source of uncertainty is the outlook for household consumption. Household income has been growing slowly and debt levels are high. The drought has led to difficult conditions in parts of the farm sector." The impact of drought or any other financial hardship can be massive on those families affected by it. When you are scraping for pennies everything else is also just that little bit harder. If you are affected by drought or struggling with money call your bank and ask to speak to the Hardships Team. Every lender has one - ask how they can help. Or, call the National Debt Hotline 1800 007 007 or research your options - Money Smart has some great information here. And of course, please look after your health, mental and physical. If you or someone you know is struggling financially it is ok to ask for help. https://www.lifeline.org.au/get-help/topics/financial-problems
  6. On hold again! "Nationwide measures of housing prices are little changed over the past six months. Conditions in the Sydney and Melbourne housing markets have eased, with prices declining in both markets. Housing credit growth has declined, with investor demand having slowed noticeably. Lending standards are tighter than they were a few years ago, with APRA's supervisory measures helping to contain the build-up of risk in household balance sheets. Some further tightening of lending standards by banks is possible, although the average mortgage interest rate on outstanding loans has been declining for some time." - Media release Statement by Philip Lowe, Governor: Monetary Policy Decision accessed 4 July 2018 Read the full release here: https://www.rba.gov.au/media-releases/2018/mr-18-16.html
  7. The Pom Queen

    RBA Interest Rates on hold

    The Reserve Bank’s Monetary Policy Committee has left the cash rate unchanged at 4.75% for the 10th straight meeting. It is now 11 months since the RBA last raised the cash rate. It raised the rate by 25 basis points to 4.75% in November 2010. In his statement accompanying the decision, RBA governor Glenn Stevens said the board noted that “financial conditions have been easing somewhat, with interest rates for some housing and business loans declining slightly due to increased competition and the fall in some funding costs in financial markets”. “The exchange rate has also declined from the very high levels of a few months ago. Credit growth remains low, however, and asset prices have declined,” he said. Global factors continued to weigh on the mind of the RBA, Stevens said: “Conditions in global financial markets have continued to be very unsettled, with uncertainty increasing about both the prospects for resolution of the sovereign debt and banking problems in Europe, and the outlook for global economic growth. While temporary impediments that had contributed to a slowing in growth in some countries over recent months are lessening, recent data suggest a continuing period of soft economic conditions in both Europe and the United States. Moreover, the uncertainty and financial volatility have reduced confidence, which could result in more cautious behaviour by firms and households in major countries,” Stevens said. The decision was in line with a survey of 22 economists by Reuters, with all forecasting no rate change in October. Four institutions, including Westpac, are tipping the cash rate to come down before the end of the year. The dollar fell slightly, trading around the 95 US cents mark, 0.2% down on the day. Laing + Simmons general manager Leanne Pilkington says she hopes the decision to leave rates on hold will continue to entice potential buyers to invest in the still-fragile property marketplace. “The residential property market has been sluggish in recent months, to say the least,” she says. “Uncertainty is understandable given the continuing instability of the Australian stock market, which has recently seen huge losses wiped from the value of shares, and the lingering unpredictability of US and Eurozone financial markets. Falling confidence has inevitably led to reduced spending and the underlying fear of another recession has everyone sitting on their hands.” While she says there is still a strong case to be made for a cut in the official cash rate in the coming months, the decision to leave interest rates on hold does give a certain reprieve for those looking to enter the property market. “A strong spring season will restore much-needed confidence in the housing market. Already there is evidence that it is being buoyed by a rush of [NSW] first-home buyers looking to get a foot in the door before the removal of stamp duty concessions on existing properties kicks in on December 31.”
  8. Andrew from Vista Financial

    RBA raises Interest Rates again = 3.75%!!

    Interest rates have risen again as expected by 0.25% taking the rate to 3.75%. This is the third rise now in as many months and the Banks are expected to follow very closely behind. This would take the Standard Variable rate now for most Banks to around 6.5% - 6.6% and increase the repayments on a mortgage of $300,000 over 25 years by around $46 a month. Here is the press release by Governor Glenn Stevens RBA: Media Release-Statement by Glenn Stevens, Monetary Policy
  9. Currency Online – Moving Money Made Easy Hello all, Another good week for the Pound against the Australian dollar. Appreciating 7 pence last week, the GBP/AUD cross has the possibility of continuing the trend this week. Investors late last Friday got the jitters and dumped the ‘risk sensitive’ currencies in favour of the perceived safe haven US dollar as consumer sentiment was down in the US and another 9 banks were forced to close their doors. Both the Australian dollar and the Pound got sold, but the Aussie dollar was hit hardest, and thus the reason the GBP/AUD has improved. Markets very nervous at the moment and until such time as we see some positive sentiment and with it some stabilisation, the Aussie dollar will continue to feel the pressure. As for this week, the Reserve Bank of Australia announce their official lending rate tomorrow. A rate hike of at least 25 basis points is expected and has been factored into the current exchange rate. Who knows – maybe they’ll use the cover of the Melbourne Cup to spring a 50 basis point rate rise on the market, as they are certainly concerned about inflation…. If the forecasted rate hike does not happen, expect the Australian to lose further ground and the UK pound to appreciate further against it. GBP/AUD High’s & Low’s (Bid) of last week; High: 1.8290 Low: 1.7690 GBP/AUD Expected Range for the Week: High: 1.8450 Low: 1.7950 Click here to view GBP/AUD charts Talk to your currency provider about placing an order in the market to take advantage of positive market movements. Kind regards, Jon Speedy Currency Online – Moving Money Made Easy
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