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News for today
HOME owners can celebrate this week after the central bank left official interest rates on hold and analysts suggest there might be no more rate rises this year as the economy slows.
The Reserve Bank of Australia (RBA) left official rates unchanged at 5.50 per cent, which will keep variable home lending rates steady. Variable home loans rates currently hover between 6.8 and 7.3 per cent after lenders add a profit margin to the official cash rate.
With the Australian economy slowing, and the housing sector turning downwards, there is less pressure on the central bank to raise interest rates again this year, analysts said.
The RBA last raised rates in March 2005, which took home lending rates to their highest level in four years.
Australians are very sensitive to rate rises, having borrowed huge amounts of money to buy homes in recent times. The average Australian home loan was $208,300 in January 2004.
In New South Wales, the average loan size was the largest at $248,100. The average loan size in Victoria was $209,200, $155,100 in South Australia, $171,700 in Western Australia and $229,000 in the ACT. In Tasmania, the average home loan was $155,700 and in Queensland, $208,800.
News Source
Cheers
Marc
News for today
HOME owners can celebrate this week after the central bank left official interest rates on hold and analysts suggest there might be no more rate rises this year as the economy slows.
The Reserve Bank of Australia (RBA) left official rates unchanged at 5.50 per cent, which will keep variable home lending rates steady. Variable home loans rates currently hover between 6.8 and 7.3 per cent after lenders add a profit margin to the official cash rate.
With the Australian economy slowing, and the housing sector turning downwards, there is less pressure on the central bank to raise interest rates again this year, analysts said.
The RBA last raised rates in March 2005, which took home lending rates to their highest level in four years.
Australians are very sensitive to rate rises, having borrowed huge amounts of money to buy homes in recent times. The average Australian home loan was $208,300 in January 2004.
In New South Wales, the average loan size was the largest at $248,100. The average loan size in Victoria was $209,200, $155,100 in South Australia, $171,700 in Western Australia and $229,000 in the ACT. In Tasmania, the average home loan was $155,700 and in Queensland, $208,800.
News Source
Cheers
Marc