Results Home Loans
September 2024 Update
What’s been going on this month?
Stay current with Results Home Loans and any updates in the market
Rate Movements
As of 25 September 2024, RBA has decided to leave rates unchanged, keeping the Cash Rate at 4.35%.
RBA Cash Rate in September 2014 was 2.50%.
Westpac
Peak of 4.35% in November 2023, then dropping to 3.35% by December 2025
NAB
Peak of 4.35% in November 2023, then dropping to 3.10% by June 2026
CBA
Peak of 4.35% in November 2023, then dropping to 3.10% by December 2025
ANZ
Peak of 4.35% in November 2023, then dropping to 3.60% by December 2025
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 01/10/2024
Under 24 hrs
2 Days
3 + Days
Industry News
CBA pushes back rate cut forecast
RBA Rate Cut Unlikely This Year as Major Banks Push Forecasts Further
The Reserve Bank of Australia (RBA) is expected to keep the cash rate at 4.35% during its September meeting, with a 90% market expectation of no change. Despite some anticipation for a rate cut in late 2024, major banks, including ANZ, NAB, and Westpac, have pushed their forecasts for cuts into 2024 and 2025.
CBA is the only major bank still predicting a rate cut this year, but it has now shifted its expectations from November to December. This adjustment comes after stronger-than-expected employment data in August.
Employment growth has remained steady, with unemployment at 4.2%, leading most economists to push back the timing of rate cuts. While CBA expects a cut in December, ANZ and NAB anticipate the first rate cut in early 2024, and Westpac doesn’t foresee a reduction until 2025.
Despite global trends, the RBA is expected to act independently, with the focus remaining on achieving price stability and managing domestic inflation.
We’re now able to off our clients asset & commercial finance with our partner Loan Options.
Other services we can offer your clients
We’re now able to off our clients business loans with Prospa.
Client Success Story:
Hanna & Van
What the Clients Needed:
- Hanna is a permanent resident, but Van was on a spouse visa, requiring a lender that could accept Van’s visa status.
- The couple wanted to upsize their home and move closer to their nail salons.
- Initially approached ANZ and were only offered a $460k loan. They came to us to explore if they could secure a higher loan amount.
- They also had an outstanding ATO debt that hadn’t been paid at the time of their purchase and loan application.
What We Did:
- Searched for lenders who specialize in self-employed lending to maximize their borrowing power. The clients had two options:
- Provide full financials and obtain a more competitive rate but a lower loan amount.
- Provide an accountant’s letter and recent Business Activity Statements (BAS) for a higher loan amount but at a higher interest rate.
- Researched lenders that could accept the low-doc option and approve a loan for a rural property, considering their chosen postcode.
- Since the clients had already sold their current home and were set on a rural property, they opted to maximize their borrowing capacity.
- Secured a $560k loan using only BAS statements, avoiding the need for full financials and tax returns.
- Negotiated a simultaneous settlement for the sale of their current home and the purchase of the new property.
- Provided guidance on paying off their ATO debt before settlement by using the funds from the early deposit release.
- The lender also offered additional benefits for self-employed customers, including free legal, counseling, and marketing services.
Result: Hanna and Van successfully secured their dream home with a larger loan than initially offered, allowing them to grow their business and move closer to their work locations. They were delighted with the smooth process and the additional benefits that came with the loan.
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.