Official interest rates remain on hold as royal commission findings announced
February 2019: RBA Cash Rate Decision Announced
In the first meeting of 2019, the Reserve Bank of Australia has decided to start 2019 where it left off in 2018 – with an official interest rate of 1.50%pa.
In what will no doubt result in the biggest shake-up in the Australian financial sector, the head of the royal commission on the financial sector, Kenneth Hayne has delivered a series of recommendations.
But for mortgage holders and potential homebuyers, the question is: “how will this affect me?”
In fact, the changes that affect obtaining a mortgage have already been in place since last March. Commissioner Hayne seemed satisfied in his report as he noted "I consider that the steps ... taken by banks to strengthen their home lending practices … are being taken.”
In essence, it’s important to make sure you have your ducks in a row before you approach mortgage lenders. You’ll need a healthy credit history; full income and outgoings detailed and be ready to answer all their questions. You should also give yourself more time upfront for the bank to go through the approval process.
However, don’t let yesterday’s news put you off finding that absolutely bargain opportunity – there are plenty of those out there right now. Don’t forget, as well as finding the best deals available, it’s also our job to guide you through the process. We’re here to make it easier for you.
Get in touch with us today if you'd like to know more.
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