A brighter future for mortgages isn’t something many expect to be hearing after the deep recession many have been through in recent years. So many around the world haven’t been able to afford to keep up with the high interest rates of the monthly repayments on their debts.
With the Reserve Bank of Australia recently cutting the cash rate, your mortgage broker in Kwinana, Rockingham, or Baldivis can now offer you an extensive range of home loan deals which includes discounts from the standard variable rate and fixed rate deals that are the lowest they have been for many years. Banks and other lenders have slightly eased their criteria to make it easier for people to obtain a mortgage, too.
Can You Afford the Mortgage?
Most Australians will have learned the simple lesson that you need to afford a mortgage not just at its current interest rate and with any particular deal or discount you may have negotiated with your lender, but you have to think of the future when interest rates may increase again and ensure you can afford the mortgage at that stage so that your property ownership isn’t put into jeopardy. This will also help prices of Australian properties stay at least level and perhaps increase gradually over the years to come.
With each set of figures being released by government and mortgage related experts, more money is being released into the Australian mortgage market each month which means that both lenders and customers are seeing the advantages of returning to the mortgage market to either take on a new loan or renegotiate their current deal. Being able to afford the mortgage at the current rates and after a discount period finishes is an important issue that your mortgage broker will explain to you with realistic and appropriate figures.
Will these be the Best Interest Rates Ever?
The majority of experts believe that interest rates will not stay as low as they currently are for very long and that the housing market have probably reached its bottom point, but the recovery is gradually returning to the entire market across the whole country.
It’s impossible to know when and if interest rates will return to their previous highs, but there may be a long period of a few years now where interest rates are generally lower which makes making your repayments more affordable. Some parts of Australia are still waiting to see great signs of recovery and your mortgage broker in Rockingham will know what’s happening all across Western Australia, so if you need a mortgage close by or even a long distance away they are still best positioned to be able to help you choose the right deals from across the market.
One of the effects of seeing more people looking for houses is at the mortgage lenders who are taking notice and having to offer competitive deals so that they can secure their share of the market. Mortgage brokers in Baldivis and elsewhere are able to suggest the right lenders to their clients which is why banks have learned that the consumer is King in the marketplace.