Will you need to budget more money for your mortgage next week?
2015-11-02
ARE you going to be paying more, less or just the same on your mortgage after the RBA meets to discuss the cash rate next week?
Well according to the majority of a panel of leading finance and property experts surveyed by finder.com.au nothing will change.
Of the 30 experts, 24 believe after the Reserve Bank of Australia meets on Melbourne Cup Day on Tuesday November 3, interest rates will remain the same for now at least.
A third of the experts believe a drop in rates will come when the bank meets for the last time this year in December.
About 71 per cent of the experts said no matter what the RBA did they believed banks would continue to independently lift rates.
Michelle Hutchison of finder.com.au said the survey found that two in three experts believed property prices would continue to rise or remain high despite increases to home loan rates.
She said the experts felt an immediate cash rate cut to offset Westpac and other banks’ decision to increase home loan rates was unlikely.
About half of the experts don’t believe rates will start to rise again until after 2016.
Ms Hutchison said Melbourne Cup day was traditionally a popular period to move rates. It has been changed on Melbourne Cup day 10 times since 1991.
"However, this is unlikely to be the case this year, with 80 per cent of experts tipping rates to hold, despite out of cycle rate changes filtering the market."
Source:http://www.couriermail.com.au/realestate/this-what-the-finance-and-property-experts-predict-will-happen-with-interest-rates-next-week/story-fnihpmzi-1227585589289
Well according to the majority of a panel of leading finance and property experts surveyed by finder.com.au nothing will change.
A third of the experts believe a drop in rates will come when the bank meets for the last time this year in December.
About 71 per cent of the experts said no matter what the RBA did they believed banks would continue to independently lift rates.
Michelle Hutchison of finder.com.au said the survey found that two in three experts believed property prices would continue to rise or remain high despite increases to home loan rates.
She said the experts felt an immediate cash rate cut to offset Westpac and other banks’ decision to increase home loan rates was unlikely.
About half of the experts don’t believe rates will start to rise again until after 2016.
Ms Hutchison said Melbourne Cup day was traditionally a popular period to move rates. It has been changed on Melbourne Cup day 10 times since 1991.
"However, this is unlikely to be the case this year, with 80 per cent of experts tipping rates to hold, despite out of cycle rate changes filtering the market."
Source:http://www.couriermail.com.au/realestate/this-what-the-finance-and-property-experts-predict-will-happen-with-interest-rates-next-week/story-fnihpmzi-1227585589289
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