Former chief of the Commonwealth Bank David Murray is heading an inquiry that is canvassing ideas to curb the dominance of the country’s $1.3 trillion mortgage market by the major banks.
The minutes of the RBA’s most recent meeting have been released, and they continue to be keen for interest rates to remain unchanged for the short to mid term.
Fitch Ratings have released some data that show an unexpected increase in mortgage delinquency in Victoria, with some Melburnians struggling to keep up repayments on their mortgage.
Both the majors and non-majors are in the midst of a fixed interest rate cutting frenzy.
The Property Council of Australia has said it would like to see stamp duty abolished to encourage more movement in the labour market.
The Reserve Bank’s monthly board meeting has ended as most predicted – with interest rates remaining unchanged.
Despite banks dropping their fixed-rates for home loans to below 5 per cent for five years, only 24 per cent of new home loan customers took the option in June.
“Follow the jobs growth.”
According to Pete Wargent from Property Observer, it’s one of the best pieces of advice he has received when it comes to property investment.
According to the RBA interest rates are set to remain on hold primarily because of the uncertainty in the current economic climate.
Australian property is overvalued by between 20 to 30 per cent according to one of the country’s top economic experts.
