The Headline approvals for housing finance were up 1.3% in June and investment approvals up 4.9%; both largely as payback after weaker figures in May
There are some signs that finance demand for new housing has been tweaked by mortgage rate cuts. There are however limited implications for monetary policy which suggests interest rates will remain steady.
Interestingly fixed rates are still currently lower than the discounted variable rates offered by the big banks. So now may not be a bad time to think about fixing a rate. However the reason for fixing should always be to have certainty of your payments rather than trying to beat the banks variable rate.
If you would like to discuss how this would relate to your personal situaiton please contact us.
The full release is below.
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