New home buyers have been given yet another incentive from the Reserve Bank of Australia with the announcement of a further 0.25% cut in official cash rate.
The third interest rate reduction since May 2019 has pushed the cash rate to a record low of just 0.75%, which may mean lower mortgage rates for most borrowers.
Lenders have been adjusting both their variable and fixed interest rates in response to the Reserve Bank’s previous announcements. The Australian Prudential Regulation Authority (APRA), updated guidance on residential mortgage loan serviceability assessments in July 2019. This has enabled major lenders to review their loan serviceability buffer rates with a view to lowering minimum interest rates used to assess loan serviceability, which helps to make new homes even more affordable for buyers.
Whether it’s your first home, a larger home for a growing family, or a home to suit your changing lifestyle, Stockland may have a community that’s right for you. Find a community near you or visit our First Home Buyers guide to take the next steps to your new home.
