Attention homebuyers and borrowers! The Reserve Bank of Australia has announced its 10th consecutive increase to the official cash rate, bringing it up by 0.25% to 3.60%. The interest rate on exchange settlement balances has also been raised to 3.50%. These moves were made in response to high levels of global inflation, which RBA Governor Philip Lowe has identified as a key priority. Further tightening of monetary policy will be needed to help return inflation to target levels and prevent potential negative impacts on employment, housing, and mortgage defaults.
As interest rates continue to rise, it’s crucial for borrowers and clients to seek the support of experienced professionals who can help them navigate the changing landscape. That’s where Archer Mortgage Group comes in. Our team of experts is committed to helping you find the best possible loan products to suit your unique needs. Whether you’re looking for residential mortgages or refinance options, we can guide you through the process and ensure that you make informed decisions.
Our commitment to customer satisfaction and extensive experience in the industry set us apart from the rest. We understand that the current economic situation may be discouraging, but we firmly believe that opportunities still exist for you to break into the market. For instance, if you’re struggling to save up for a deposit or your borrowing capacity has dropped, we can help you explore alternative options, such as investing in a more affordable property in a high-growth regional area or interstate.
Don’t let the current market conditions deter you from achieving your dream of owning a home. Contact Archer Mortgage Group today for guidance on securing the right mortgage or refinance product. Our team is ready to assist you in navigating the changing market conditions and finding the ideal solution for your needs.
In addition, lenders such as Bank of Queensland and Auswide Bank are also taking steps to support their customers and brokers in this challenging environment. Auswide Bank is encouraging communication with brokers and customers to identify any potential mortgage stress, while BOQ has rolled out NextGen ID, a secure digital solution for customer ID checks. Both BOQ and Auswide Bank are also offering special savings rates and investor campaigns to provide added value for their clients.
According to a new report from Aus Property Professionals, around 70% of Australians believe that high interest rates are locking everyday borrowers, especially first-home buyers, out of the housing market due to fear of mortgage stress. While this may be a concerning statistic, we believe that with the right guidance and support, you can still achieve your homeownership dreams.
Let Archer Mortgage Group be your trusted partner in navigating the changing market conditions and finding the ideal mortgage or refinance product for your needs. Contact us today to learn more about our services and how we can help you.
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