The Reserve Bank is helping us. Are the Banks?
Well, I just heard that the Bank holding all my mortgages, WestPac is offering 5.69% for 3 years and 5.99% for 5 years, I have not checked the others.
Shall I fix or not fix?
I, personally will not as I am hoping that the Reserve Bank will have at least 2 more cuts until the end of the year. Or maybe just one in October or December.
After the second cut I may do something, I will not “push” my luck.
Miserable Month of July for sale as I found out from most Agents I spoke with. I spent 11 days away in Europe and Dubai, so property was not in my calendar.
Except I was browsing properties in Italy and saw some really good buyes for under $100,000 Euros. I did not know that these prices existed. Not in Perth or maybe not in Australia. Amazing the difference of lifestyle and specially prices in everything specially food. Cheaper to live there but I will not change Perth for any place in the World.
Anyway, interest rates are on hold and it is time to get your property now either to live in or for investment. Don’t wait for tomorrow and you may miss the boat either on price or higher interest rates.
Be an owner not a renter. Pay your own mortgage not somebody else’s mortgage.