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Following last Tuesdays rate hike of 25 basis points, many home experts are urging homeowners to investigate their refinancing options.
Despite being well below last year's peak average variable of 9.6 percent, the rate hike may dampen the runaway property markets in Australia's mortgage belts, according to experts.
Investors and upgraders are expected to push Australian property prices up by as much as 23 percent over the next three years, according to experts.
All of Australia's big four banks have increased their variable home loans after the RBA rate hike.
Following the Reserve Bank’s decision to lift official interest rates by 0.25 per cent to 3.25 per cent, industry experts are urging homeowners to refinance
Federal Treasurer Wayne Swan has warned that retail banks may be forced to raise rates independent of any action by the Reserve Bank of Australia.
Property prices across Australia have jumped almost 6 percent this year and will continue to rise even in the country’s most expensive suburbs, experts said recently.
Fears of a property bubble in Australia are growing as the International Monetary Fund warns that house prices are overvalued by around 20 percent and the size of the average mortgage reaches an all time high.
Families could soon be forced to pay capital gains on their family homes, according to talk among goverment and industry representatives.
Canny investors should snap up luxury homes now, experts say, as prices wallow at up to 20 percent discounts in some suburbs.