Results Home Loans

November 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 08 November 2023, RBA lifts rates by +0.25 bringing Cash Rate to 4.35%.

RBA Cash Rate in November 2013 was 2.50%.

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 17/11/2023

Rate hike reprieve likely for December

In December, big bank economists predict the Reserve Bank of Australia (RBA) will keep interest rates at 4.35%.

The RBA raised rates in November, citing inflation concerns. Recent Consumer Price Index data showed inflation at 4.9%, but experts expect the RBA to maintain rates in December due to weak consumer spending and rising unemployment.

The Commonwealth Bank of Australia sees little chance of a rate hike, emphasising the RBA’s data-dependent approach. While markets assign a 3% chance of a December rate increase, economists suggest February might be more likely if inflation surprises positively.

Westpac echoes the sentiment, indicating February is live for a rate hike if inflation exceeds expectations.

However, if economic conditions align with forecasts, a steady cash rate in December is deemed more probable.

Case study

The Power of Preapproval in Securing Dream Home

In a bustling real estate market, timing and preparation are key. A key example of a pre approval we’ve recently secured for a client of ours who’s a nurse and was able to obtain lending up to 90% LVR without any incurring LMI. With a pre approval in place she’s able to obtain the following benefits:

Negotiating Power: With a preapproval secured, has a clear budget, instilling confidence in sellers and positioning her as serious buyer.
Faster Closing Process: The preapproval process allowed us to address potential hurdles early on, expediting the overall mortgage approval timeline. When she finds their dream home, the swifter closing process will ensure she dosen’t miss out.
Peace of Mind: With financial details sorted upfront, she had experienced a stress-free homebuying experience. She can focus on selecting the perfect home without the anxiety of last-minute financial surprises.

Homeownership Achieved with Confidence
In a market where time is of the essence, being prepared proves to be the differentiator that sets out clients on the path to homeownership with a streamlined, confident, and successful homebuying experience.

ALI Insurance Protection

We like to ensure our client’s have thought about how they would cover their loan repayments should anything happen to them. It is an important consideration we take very seriously as we want to ensure our client’s are protected against those unforeseen events life sometimes throws at us.

For a small monthly premium (that could be offset by ALI’s extra benefit savings as detailed below), this insurance provides our clients with a unique living benefits cover which provides a pay-out should they suffer from a serious medical condition that is not terminal (such as cancer or a stroke).

We have firsthand experience on the benefits of this cover with one of our own clients receiving a payout within 15 days of submitting her claim when she found out she had bowel cancer (which was months faster than the payment she received from the insurance in her super). This was life changing for her as it meant she could take time off work to focus on her health and recovery and alleviated the financial stress on her young family.

My Protection Plan policyholders also automatically get exclusive access to ALI’s everyday savings program, Extra Benefits. It provides a discount of 7.5%* for Coles and Woolworths, which on a $1,000 monthly grocery spend means a saving of $75 each month.

With close to 100 retailers, including fuel, electronics, fashion and homewares stores, the savings can really add up. Our client’s can use ALI’s handy calculator here to work out how much they can save which will help offset their premium should they wish to take out a My Protection Plan.

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.