12 juillet 2010

A disappointing Xmas gift for homeowners

Home owners will be disappointed that the Reserve Bank of Australia (RBA) Return to Tiffany lifted the official cash rate just before Christmas, a mortgage broker says.

The central bank took the unprecedented decision to raise cash rate for a third month in a row at Tuesday's board meeting, lifting the rate by another 25 basis points to 3.75 per cent.

"With this rate rise and the two previous, homeowners have got to come up with another $150 per month to pay off the average mortgage .... That's a significant amount of money," Loan Market Group executive chairman Sam White said in a statement.

"When combined with the removal of government economic stimulus and other challenges, it will result in people tightening their belts this Christmas."

However, Mr White said a Elsa Peretti Open Heart pendant grace of the three rate rises was that it was likely to negate the need for large increases in the future.

"I think it's good news from that point of view that moving forward we're less likely to see rates really spike in this cycle," he said.

He said he expected a far more stable property market next year than what was experienced during 2009.

"You can have confidence that the market's not going to boom and it's not going to dip and it's going to be consistent," he said.

"The reason for that is you are going to see a continuation of fewer properties for Return to Tiffany Oval tag bracelet, and while demand from buyers is quite strong, that's being tempered by the fact that banks are limiting credit and the government stimulus is being removed from the market place."


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