Results Home Loans
July 2023 Update
What’s been going on this month?
Stay current with Results Home Loans and any updates in the market
Rate Movements
As of July 2023, RBA keeps rate steady
As of 07 June 2023, RBA lifts rates by +0.25 bringing Cash Rate to 4.10%.
RBA Cash Rate in July 2013 was 2.75%.
Westpac
Peak of 4.60% by August 2023, then dropping to "below 3%" by end of 2025
NAB
Peak of 4.60% by August 2023, then dropping to 3.10% by November 2024
CBA
Peak of 4.35% by August 2023, then dropping to 3.35% by November 2024
ANZ
Peak of 4.60% by August 2023, then dropping to 4.10% by end of 2024
CURRENT INTEREST RATES FOR HOME OWNERS
Based on a $500,000 loan over a 30 year term at 80% LVR with Principal and Interest repayments.
CURRENT INTEREST RATES FOR INVESTORS
Based on a $500,000 loan over a 30 year term at 80% LVR with Interest Only repayments.
Lender Turnaround Times
As at 12/07/2023
Case Study
The Importance of checking lender policies
Receiving a rejection from lenders can cause significant worry and stress for our valued clients, and as a trusted financial service provider, we are committed to mitigating these concerns throughout their loan journey.
Recently, we had the privilege of assisting new clients who found themselves in a unique situation. They were proud owners of a tiny home and had taken the initiative to secure a vacant land purchase by paying a $2,000 holding deposit.
In their eagerness to secure financing, the clients initially approached NAB directly for a pre-approval application. Unfortunately, after the deposit was made, NAB informed them that a 20% deposit was required, which they did not possess. Consequently, their submitted pre-approval application with NAB could not proceed.
This particular case study exemplifies the indispensable role of a broker. With our expertise, we have the invaluable ability to engage with the lenders within our panel. By proactively reaching out and comprehensively understanding their credit policies, we can confirm whether specific scenarios are viable prior to submitting an application.
At Results Home Loans, we recognise that our clients’ peace of mind and satisfaction are paramount. Therefore, we strive to leverage our professional network and industry knowledge to ensure a smooth and successful loan experience for every individual we assit.
Market Article
Household spending growth trending down
With rising interest rates and high inflation eating into people’s paycheques, two new data points suggest the economy is finely balanced.
Household spending in April was 6.0% higher than the year before, according to the Australian Bureau of Statistics (ABS). That means spending is rising – but at a much slower rate than the recent peak month of August 2022, when spending growth was 29.1%.
Meanwhile, while households saved 3.7% of their income in the March quarter, this was well down on the historically high 23.6% in the June 2020 quarter, according to the ABS.
Slowing savings growth and falling savings rates suggest more households are struggling to make ends meet.
If consumers feel stressed, they may cut back on discretionary spending. That would be tough for businesses – but it might please the Reserve Bank, which is pushing up interest rates in a bid to slow spending and drive down inflation.
Thank You!
The value of a strong network and reliable partnerships cannot be overstated, and your referrals have not only brought us new business opportunities but have also reinforced the belief that we are on the right path to providing exceptional products and services to our customers.
So we wanted to take a moment to express our deepest appreciation for the outstanding support and collaboration we have received from you as our referral partner.
Your willingness to recommend our company to your own network speaks volumes about the trust you place in us, and we are honored to have earned such trust.
We truly appreciate the effort you put into every referral. Please know that we are always here to reciprocate your kindness and support. Should you ever require assistance or need a reliable partner for any venture, please don't hesitate to reach out to us.
