PLAN FOR PROPERTY SUCCESS – MONEYQUEST’S OCTOBER CASH RATE MESSAGE

By Ellen Mathews posted on October 05, 2021

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Several national and international ‘days’ occur throughout October. There’s Universal Music Day, International Beer and Pizza Day, Halloween, Global Champagne Day, and World Financial Planning Day. It is also Financial Planning Week here in Australia.

On the topic of financial planning, we thought we would remind everyone about the importance of organising your finances and planning ahead when it comes to entering the property market.

The Reserve Bank Board announced today that the cash rate will once again remain on hold at 0.1%, meaning that variable interest rates are likely to stay low. So, if you are in a position to view properties and attend live auctions at the moment, now might be the perfect time to chat with your local MoneyQuest mortgage broker about your home loan options, so that you can work towards stepping onto the property ladder.

For those currently in lockdown, many in-person auctions are being postponed and property supply has slowed. According to the Real Estate Institute of Australia, spring property listings are down by a “staggering” 20% to 40%. * However, this may change in the coming weeks as restrictions are gradually eased. Once marketing campaigns and public open for inspections can resume, it is likely that there will be an influx of new property listings and a flurry of activity, as buyer demand is still strong.

So, if you are thinking about buying, but are currently in lockdown, why not use this time to plan. Chat to your local MoneyQuest mortgage broker about things like your borrowing capacity, obtaining pre-approval, and your options with regard to equity. Our finance specialists are still available via phone and video conference to assist you with your finance needs. Preparation is key to reaching those property goals, so plan ahead and poise yourself for the property market resurgence.

*Quote sourced from MPA Magazine article, September 21, 2021: https://www.mpamag.com/au/news/general/lockdowns-creating-havoc-in-australias-property-market-reia

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Disclaimer:

This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).

Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.

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