Tuesday, August 2nd, 2016
This result was widely predicted with many experts tipping the RBA would lower the rate to provide some stimulus for the economy following last week’s disappointing CPI numbers. Amidst the dramatic U.S. election campaigns of Clinton vs Trump, a turbulent market in the EU following Brexit and the Turnbull government remaining in power, the RBA has opted to try and trigger an increase in consumer spending this month.
What does all this mean for home owners and buyers?
This may also give the property market a boost provide an opportunity for Australians to take advantage of the record low interest rates and competitive offers available in the market.
| Loan amount examples |
Likely decrease in repayments |
| $150,000 |
$31.25 per month |
| $250,000 |
$52.08 per month |
| $350,000 |
$72.91 per month |
| $450,000 |
$93.75 per month |
| $550,000 |
$114.58 per month |
| $650,000 |
$135.41 per month |
| What are the median dwelling prices in the nation’s capital cities? |
| Melbourne |
$585,000 |
| Sydney |
$775,000 |
| Brisbane |
$477,500 |
| Adelaide |
$417,500 |
| Perth |
$490,000 |
| Hobart |
$327,800 |
| Darwin |
$497,500 |
| Canberra |
$561,000 |
Author: Lynne Cox
She is a Mortgage Broker and holds an Australian Credit Licence # 365386.
She has been involved in the Mortgage Broking Industry since May 1996 but has been involved in small business since 1977.
Lynne is a licensed finance broker. She was the President of the Finance Brokers Association of Australia until March 2004 where she is now a Life Member, and she was also a Member of the Finance Brokers Supervisory Board until it disbanded in October 2003.
View all posts by Lynne Cox
