This afternoon, the Reserve Bank of Australia (RBA) met and decided to leave official interest rates on hold. Based on the RBA’s recent comments, most experts are predicting the RBA won’t make any changes to official rates for at least the next few months. Despite the increasing concern for a housing bubble in some major cities, the RBA will likely wait for the recent increases on interest rates for investment loans and interest only loans to take effect in slowing down the property price growth. We will keep you posted.
If you are keen to find out how much your property may be worth, let me know and I can put together a property report for you.
As we approach the end of the financial year, I thought I would send through some reminders:
– If you have an investment loan and make your interest payments annually in advance, and you would like to do it again for the coming year, please get in touch with me ASAP.
– From July 1, if you have an outstanding tax debt it may appear on your personal credit file where the amount outstanding is more than $10,000, and you haven’t effectively communicated with the ATO on how you will be repaying the debt. Most lenders view tax debt unfavourably, and it may impact your ability to obtain finance. I would suggest having a chat to your accountant to get more clarity on the situation.
Stay well until next month and feel free to call if we can be of further help.