At Orchard Finance Group, we understand how hard and overwhelming it can be to stay up to date and informed about the latest Australian interest rate changes. As your local Sunshine Coast mortgage brokers, we want to keep you informed on the latest updates in the lending industry. The recent November 2023 interest rate increase is significant, and it will likely impact buyers, renters and sellers on the Sunshine Coast.
In this update, our mortgage broker team will be breaking down what you need to know about the interest rate rise, as well as how the latest rate rise may impact you if you are a renter, buyer or seller on the Sunshine Coast.
What Was The Rate Rise?
On 7 November 2023, the Reserve Bank of Australia (RBA) announced an increase in the cash rate target by 25 basis points to 4.35%.
This move, aimed at tackling persistent inflation, is one that is set to cause some changes across the real estate industry, whether you are currently renting, looking to sell or even wanting to purchase a new property.
Let’s take a closer look at how the rate rise can impact renters, buyers, and sellers.
Will the Nov Interest rate have an impact On Renters?
Renters could feel the indirect effects of this rate rise. As property owners grapple with increased mortgage costs, there’s a real possibility of rent increases.
However, it’s also a great opportunity for renters to consider stepping into homeownership, taking advantage of various government grants available. If you are ready to take the next step, reach out to our first home buyer mortgage brokers today.
What is the Impact On Home Buyers in Australia?
For buyers, particularly first-time home buyers, it’s important to reassess your home buying plans. The increased rates will affect mortgage repayments, making it more important than ever to understand your borrowing capacity and find the loan that suits your current financial situation.
Our team can assist you in navigating these changes and exploring all available home loan options. Contact our professional mortgage brokers to get advice in regards to the many decisions relating to your next property.
Will there be an Impact On Property Sellers?
Sellers might feel a shift in market dynamics as higher interest rates potentially cool buyer demand. It’s a time to strategise effectively to attract serious buyers and maximise returns on your property sale.
Contact Our Mortgage Brokers Today
In times of rate rises and financial changes, having a knowledgeable and supportive mortgage broker by your side is invaluable.
At Orchard Mortgage Brokers, we offer clear options and solutions, helping you navigate the complexities of buying your property.
When you need advice, contact your local Sunshine Coast mortgage brokers. Get in touch with Michael Wills or Nicky Orchard today through our website, or by calling us on (07) 5475 4500.
Stay Updated With Orchard Finance Group
Don’t miss out on the latest update from Orchard Finance Group, with news and tips on personal loans, home loans, business loans and more! Stay tuned to our blog, and don’t forget to follow us on Facebook, Instagram and LinkedIn.
Licensing statements: Credit Representatives 364849 and 490257 are authorised under Australian Credit Licence 389328 General disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.