In a shock move the board of the Reserve Bank of Australia has put off any interest rate increases for the time being. The reason seems to be that the Greedy Banks such as Westpac, who had shamelessly hiked home mortgage rates above the last cash rate increase, had done the damage that a rate increase would have done this week, so no rate increase was called for it seems.
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“Lying listings” are on the rise as the recession drags on and homesellers become desperate.
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The banks have been tightening their credit guidelines on home buyers for over the last year and this is stangling building companies cashflow and construction activity slowed for the 11th month straight.
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Mr Mortgage believes that the deep home loan interest rate cuts will generate buying activity in Queensland’s stalled housing market.
New home and established homes have slumped recently across Queensland, with the exception of mining areas, but interest rate cuts will give new confidence to home buyers, and help those wanting to sell their homes and build again [...]
Continue reading about Home loan interest rate cut brings home buyers back to housing market
Australia needs a national housing affordability strategy now to deal with an increasing home ownership and rental crisis, Labor leader Kevin Rudd says.
Mr Rudd today said the Federal Government had failed to act on the crisis which was locking out first-home buyers and low-income earners from the housing market.
He said Labor planned to tackle [...]
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