Interest rate rises since May have cut the maximum people can borrow for a property by a fifth, the Reserve Bank has revealed.
The size of mortgages potential property buyers can take on has been cut by a fifth due to aggressive increases in official interest rates, the Reserve Bank has revealed.
Sydney house values fell 2.6 per cent in August and have now edged down by $927 a day since the end of April. In Melbourne, values fell another 1.5 per cent last month to be down by $51,000 over the past five months. But the increase in official interest rates since May was having a much bigger impact on how much people could borrow.“Given this 225 basis point [2.25 percentage point] increase in the cash rate has been fully passed through to mortgage interest rates, it will have reduced borrowers’ maximum loan size by around 20 per cent,” he said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia house prices LIVE: Reserve Bank says home loan borrowing capacity reduced by 20pc since MayPrime Minister Anthony Albanese said China “needs to come to terms with Australia’s standing up for values” before attending Queen’s state reception with Chinese delegates; around 500 dignitaries attend “reception of the century”. Follow updates here
Read more »
The Queen’s funeral may be the most-watched event in historyCommercial networks will follow the decision of UK broadcasters and show the ceremony commercial-free, foregoing potentially lucrative primetime advertising revenues.
Read more »
The Queen’s funeral may be the most-watched event in historyIt's expected to be the most-watched event in TV history, but Australia's commercial networks will forego lucrative prime-time advertising revenue to show the Queen's funeral ceremony commercial-free, reports angusthomson_
Read more »
The Queen’s funeral may be the most-watched event in historySome 2 billion people worldwide tuned in for Princess Diana’s funeral in 1997. That figure could double for the final farewell of Britain’s longest-reigning monarch, Queen Elizabeth II | angusthomson_
Read more »
NAB staff may strike for first time in 20 years over ‘meagre’ pay offerThe Finance Sector Union said National Australia Bank workers were frustrated with the wage increases proposed by the bank and were considering strikes, stop-work meetings and overtime bans.
Read more »