According to Hyman, the Lendi Group is seeing the worst mortgage pain in NSW, Queensland and Victoria where close to 30% of homeowners, who remain on fixed rates in the 2% range, will be rolling onto much higher revert rates by December this year.
Redzed’s Calvin Cordle (pictured above centre) said this fourth consecutive hold decision will be warmly welcomed by homeowners who have been impacted by sustained rate hikes, and those coming off fixed rates.
“Mortgage holders should also be encouraged by indications that home values continue to rise nationally,” Cordle said.
“Hopefully this period of stability is a sign that the tightening cycle is nearing its end, and that a drop in cash rate is not too far away.”
Rate rise not needed, economy tacking as expected
PropTrack director of economic research Cameron Kusher said the economy appeared to be shifting in line with the RBA’s expectations.
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- Source: https://www.mpamag.com/au/news/general/reserve-bank-of-australia-reveals-october-interest-rate/461667
