A recent survey has indicated that almost a third of respondents (30%) from the property industry expected that the Reserve Bank of Australia (RBA) would increase interest rates over the next 12 months.
This number has doubled since the survey was last conducted in March, when just 15% of respondents predicted an increase in rates within the next 12 months.
Unfortunately, history tells us that when the RBA increases the cash rate, lenders follow suit, increasing their home loan rates accordingly.
Whilst senior economist, Felicity Emmett was optimistic that the RBA would maintain a stable cash rate over the next 12 months, she also noted that fixed mortgage rates have begun to rise despite this and that they would only continue to rise over the coming months.
However, Emmett also predicted significant growth in capital city housing prices over the next 12 months making it the ideal time to not only lock into a record low home loan rate but also to look at purchasing for investment.
How Zobel can help
If you haven’t had your home loan rate reviewed over the past 12 months, it is vital to do so before home loan rates increase any further. At Zobel, we will happily look at your rate to ensure your not paying overs.
If you are looking to purchase an investment property, Zobel will not only find you the best finance options but through our industry connections we can help you access properties that are not even on the market. We are also able to provide investment calculations and tools so that you can be sure of your investment property purchase.
Don’t regret missing out on record low interest rates. Book an appointment with Zobel today.
Statistics and figures as seen on: ‘Almost a third predict rate rise over 12 months’