The housing sector across Australia has seen exponential growth consistently over the past thirty years, to the tune of 221.4 percent according to a recent report by the real estate firm, CBRE. Second only to UK prices, rising 231.9 percent over the same period of time, Australia’s house price growth is set to remain steady for the foreseeable future. The exceptional house price increases are correlated to a number of growth factors, including increased population within Australia, higher immigration rates, and an under supply of housing inventory. With all this Australian real estate growth NSWMC has low interest rate mortgage loans available if you are looking to purchase a home!
Mortgage Loans at Low Interest Rates
Additionally, interest rates have remained at attractive levels, and are predicted to stay low for an extended period of time. Each of these factors present opportunities for potential buyers, current homeowners and mortgage loans lenders alike, and set the scene for continued growth in the Australian real estate market.
Record Low Interest Rates
Purchasing a home remains high on the priority list for young and middle-aged Australians, even as the average house price continues to increase year over year. For potential buyers, the current level of housing inventory coupled with record low interest rates creates an opportunity to make the dream of home ownership a reality. There are a plethora of options as it relates to mortgage loan offers for first-time homebuyers as well as those who are currently in a home but are thinking about moving to an upgraded place. With the cost of a mortgage loan being so low over the course of repayment, now may be a great time to take the leap into home ownership, ahead of the next market increase.
Low Interest Rate Opportunity
For current homeowners, the low interest rate market creates an opportunity to reduce the total cost of a mortgage loan over time. Because the average house price continues to increase while interest rates for lending remain low, mortgage loans lenders are more apt to offer more favorable terms to current homeowners by way of refinancing. If you are able to reduce the interest rate on your mortgage loan, now may be a great time to do so. As the real estate market is predicted to rise even more over the next few years, the timing is right to take advantage of favorable refinance terms.
Mortgage Loans for Home Buyers
The housing market growth within Australia has also created a greater degree of competition among lenders, which bodes well for new home buyers as well as current owners. Because so many individuals and families are taking advantage of today’s housing environment, banks and lenders who offer mortgage loans have been forced to get creative. In order to earn the business of homeowners, some lenders have drastically reduced the costs associated with closing on a mortgage loan, or have started to offer a greater array of fixed and variable options for buyers. Each of these factors creates a favorable environment for the Australian homebuyer to make their first purchase or to refinance a current mortgage loan in an affordable and sustainable way.
