The Reserve Bank of Australia’s decision to maintain the cash rate at 4.35% for another month provides a welcome breathing space for homeowners and potential buyers alike. As your trusted Gold Coast Mortgage Broker, Mortgage Innovations is here to break down what this rate pause means for our community.
Impact on Current Mortgage Holders
For existing homeowners, particularly those with variable rate mortgages, this rate hold offers a period of stability in their repayments. After multiple rate hikes over the past two years, this pause allows households to adjust to their current repayment levels and potentially get ahead on their mortgages while rates remain steady.
However, it’s crucial to remember that many fixed-rate periods negotiated during the low-rate environment are still expiring. If you’re approaching the end of your fixed term, now is the ideal time to review your options and potentially refinance to a more competitive rate. Visit our loan calculator to see what your options may be.
Opportunities for First Home Buyers
For aspiring homeowners, the rate pause creates a window of opportunity. While borrowing capacity remains impacted by the higher rate environment, the stability in rates allows for more accurate budgeting and planning. The Gold Coast property market continues to show resilience, and with rates holding steady, first-time buyers can enter the market with more confidence about their repayment obligations. Visit our loan calculator to see what loan amount feels comfortable.
Looking Ahead
While the RBA’s decision provides temporary relief, the lending landscape remains complex. Every borrower’s situation is unique, and navigating the current market requires expert guidance and personalised solutions.
At Mortgage Innovations, we specialise in finding the right loan solutions for Gold Coast residents, whether you’re looking to refinance, purchase your first home, or invest in property. Our experienced mortgage brokers can help you understand your options and secure the most competitive rates available.
Ready to take the next step? Contact our team today for a no-obligation consultation. Let us help you navigate the current lending environment and achieve your property goals.
Arranging finance can be stressful, especially with some lenders now taking extra steps including going through your living expenses and credit scoring (ouch!). And sometimes banks can make you feel like ‘just a number’. That’s why we want to do things differently: because you deserve better.
As a local family-owned business, our team takes the time to listen, answer your questions and make getting your home, car or equipment loan as easy as possible.
