But the slowing of the market is coming at a time where the Reserve Bank is predicted to increase the cash rate, which will make it more difficult for people to borrow money.
“Now more than half are saying yes. In fact, almost all of them are saying that the low cost home loans we’re seeing today are basically at an end and we won’t see these low cost home loans in the future. Dr Lowe remains vague on the timing of a rise in the cash rate but says a move later this year is “plausible”.“Interest rates will go up,” he told the National Press Club in answer to a question from the floor.Given the predicted rise, Mr Cooke said it could also be a good time for people with home loans to refinance their mortgage and lock in a better interest rate.
“Probably one raise in maybe the first quarter or just after the first quarter and then maybe another one later on in the year. Nobody’s quite sure,” Mr Cooke said.
Great advice for anyone who can pay off their mortgage within a year 🤡