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At its meeting today, the Board decided to lower the cash rate by 50 basis points to 3.75 per cent, effective 2 May 2012.
This decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated.
Low interest rates are providing great buying opportunities and we suggest you get on the phone today to discuss and explore your opportunities.
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Free Fact Sheet "How interest rates affect your mortgage" available from our office
If you have any questions about interest rates or how to invest in property we would be delighted to to assist.
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Statement by Glenn Stevens, Governor: Monetary Policy Decision
At its meeting today, the Board decided to lower the cash rate by 50 basis points to 3.75 per cent, effective 2 May 2012. This decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated.
Growth in the world economy slowed in the second half of 2011, and is likely to continue at a below-trend pace this year. A deep downturn is not occurring at this stage, however, and in fact some forecasters have recently revised upwards their global growth outlook. Growth in China has moderated, as was intended, and is likely to remain at a more measured and sustainable pace in the future. Conditions in other parts of Asia softened in 2011, partly due to natural disasters, but have recently shown some tentative signs of improving. Among the major countries, conditions in Europe remain very difficult, while the United States continues to grow at a moderate pace. Commodity prices have been little changed, at levels below recent peaks but which are nonetheless still quite high. Australia's terms of trade similarly peaked about six months ago, though they too remain high.
Financial market sentiment has generally improved this year, and capital markets are supplying funding to corporations and well-rated banks. At the margin, wholesale funding costs have declined over recent months, though they remain higher, relative to benchmark rates, than in mid 2011. Market sentiment remains skittish, however, and the tasks of putting European banks and sovereigns onto a sound footing for the longer term, and of improving Europe's growth prospects, remain large. Hence Europe will remain a potential source of adverse shocks for some time yet.
In Australia, output growth was somewhat below trend over the past year, notwithstanding that growth in domestic demand ran at its fastest pace for four years. Output growth was affected in part by temporary factors, but also by the persistently high exchange rate. Considerable structural change is also occurring in the economy. Labour market conditions softened during 2011, though the rate of unemployment has so far remained little changed at a low level.
Recent data for inflation show that after a pick up in the first half of last year, underlying inflation has declined again, and was a little over 2 per cent over the latest four quarters. CPI inflation has also declined, from about 3½ per cent to a little over 1½ per cent at the latest reading, as the weather-driven rises in food prices in the first half of last year have, as expected, now been fully reversed. Over the coming one to two years, and abstracting from the effects of the carbon price, inflation will probably be lower than earlier expected, but still in the 2–3 per cent range.
As a result of changes to monetary policy late last year, interest rates for borrowers have been close to their medium-term averages over recent months, albeit tending to increase a little as lenders passed on the higher costs of funding their books. Credit growth remains modest overall. Housing prices have shown some signs of stabilising recently, after having declined for most of 2011, but generally the housing market remains subdued. The exchange rate remains high even though the terms of trade have declined somewhat.
Since it last changed the cash rate in December, the Board has maintained the view that the setting of policy was appropriate for the time being, but that the inflation outlook would provide scope for easier monetary policy, if needed, to support demand. The accretion of evidence over recent months suggests that it is now appropriate for a further step in that direction.
In considering the appropriate size of adjustment to the cash rate at today's meeting, the Board judged it desirable that financial conditions now be easier than those which had prevailed in December. A reduction of 50 basis points in the cash rate was, in this instance, therefore judged to be necessary in order to deliver the appropriate level of borrowing rates.
Low interest rates are providing great buying opportunities and we suggest you get on the phone today to discuss and explore your opportunities.
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Free Fact Sheet "How interest rates affect your mortgage" available from our officeIf you have any questions about interest rates or how to invest in property we would be delighted to to assist.
Related Articles:http://www.accessloans.com.au/articles/94-thinking-of-switching.html
http://www.accessloans.com.au/articles/147-loan-health-check-review.html
http://www.accessloans.com.au/articles/146-access-loans-switch-and-save-on-home-loans.html
http://www.accessloans.com.au/articles/140-access-loans-to-fix-or-not-to-fix.html
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It is a commonly asked question, does a house make a better investment than an apartment and the answer often depends on who you ask!
According to the latest RP Data-Rismark Daily Home Value Index Results, cheaper units outperformed houses in Australia’s major capital cities by a wide margin during March 2012.
Capital city unit prices increased by 0.9% during the month to a median of $400,000, while detached house prices increased by just 0.1% to a median of $464,500.
According to the March figures houses delivered investors a median return of 4.1%, while units delivered investors a median rental return of 4.8%.
Over the past 12 months, housing returns have fallen by 0.8 % whilst units have delivered investors a 2.2% total return (capital growth plus rental growth) over the same time.
Cameron Kusher, senior research analyst from RP Data, explains the better growth in units over houses in March as being a definate trend which has been evidenced over the past five years.
Another driver is the affordability and the fact that more people are wanting to live long term in apartments.
The increased demand for apartments and townhouses is also being driven by the reduction in the number of people living in each household. The Australian Bureau of Statistics predicts that single person households will increase to 3.1million (or 30% of all households) by 2026, this is the fastest growing segment of the market.
Secure your Fr~ee Buying Off The Plan Article below + Bonus eBook
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*Conditions Apply: Information has been prepared without consideration of your personal circumstances and does not propose that property is suitable for your circumstances. Assumptions may not represent actual future market performance. You are advised to seek independent financial, legal and taxation advice
*Disclaimer: Above information provided by Access Loans PL is for general information purposes only and must not be relied upon as a basis for any decision.You should make your own enquiries to verify the information before acting on it and it should not be regarded as a substitute for professional taxation, legal, financial or real estate advice.Access Loans PL, its directors, officers, agents and related entities have made their best efforts to see that the information provided is correct. However, no warranty is made as to the accuracy of reliability of the information and disclaim all liability and responsibility for any direct or indirect for any injury, loss, claim, damage or any incidental or consequential damages, including but not limited to lost profits or savings arising out of or in any way connected with the use of any information within this email.
Mordialloc Apartments with 7 Star Energy Rating
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*conditions apply & subject to approval
* As individual circumstances will vary for each buyer, more exact figures can be provided at a later date after your full fact find has been completed.
*Conditions Apply: Information has been prepared without consideration of your personal circumstances and does not propose that property is suitable for your circumstances. Assumptions may not represent actual future market performance. You are advised to seek independent financial, legal and taxation advice
*Disclaimer: Above information provided by Access Loans PL is for general information purposes only and must not be relied upon as a basis for any decision.You should make your own enquiries to verify the information before acting on it and it should not be regarded as a substitute for professional taxation, legal, financial or real estate advice.Access Loans PL, its directors, officers, agents and related entities have made their best efforts to see that the information provided is correct. However, no warranty is made as to the accuracy of reliability of the information and disclaim all liability and responsibility for any direct or indirect for any injury, loss, claim, damage or any incidental or consequential damages, including but not limited to lost profits or savings arising out of or in any way connected with the use of any information within this email.
** Limitted stock available.
As of the 1st March, changes will apply to the current Buyer Cooling Off rules for residential real estate.
Prior a buyer lost their right to a 3 day cooling off period if they sought advice from a lawyer before signing the contract, while a buyer who had consulted a conveyancer did not.
From 1st March 2012 buyers will no longer lose their right to a cooling period if they seek advice from a lawyer before signing the contract of sale.
The buyer must still excercise the right to cool off within three business days of signing the contract and properties bought at auction or three days before or after an auction are still not able to access the cooling off period.
Please contact our office if you would like a copy of the Legal Bulletin containing full details of above and/or if you would like to be introduced to a tried and tested qualified legal professional.
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Note: The above content is not legal advice & you should seek legal advice from a qualified professional in relation to your personal circumstances. Please contact our office if you would like to be introduced to a suitable professional.
Intention Strong Despite Lower Sentiment
While much of the focus in recent months has been on the ‘doom and gloom’ in the economy, 40% of respondents in this year’s QBE lmiBAROMETER™, think 2012 is the best time to purchase a residential property.
Of these responsdents, 26% see the ideal time as being within the first six months of 2012.
In addition, the majority of respondents predict stable or increased prices over the next 12 months.
42% of respondents also agree that property prices will increase strongly in the next three years.
For your Fre~e copy of the 2012 QBE lmiBAROMETER™ report
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