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Housing Market Growth: Property prices in Australia have risen by 5% in the past year.
High Demand Areas: Sydney and Melbourne have the highest demand, which drives up prices.
Influencing Factors: Low-interest rates, government incentives, and limited housing supply continue to impact the market.
Strategic Timing: Understanding market trends allows you to time your property purchase or sale for maximum value.
Market Trends
RBA Changes: The Reserve Bank of Australia recently raised the cash rate by 0.25%, to 4.35%.
Mortgage Impact: Variable rate mortgages may see an increase in monthly repayments, for example, $50 per month on a $400,000 loan.
Refinancing Options: Consider refinancing or locking in a fixed rate to hedge against future increases.
Loan Management: Monitoring rate changes ensures that your loan remains manageable and in line with your financial objectives.
Interest Rates
Additional Repayments: Adding $100 per month to a $300,000 loan with a 6% interest rate saves over $30,000 in interest and shortens the loan term by 5 years.
Refinancing Advantages: Changing to a lower interest rate or bi-weekly payment schedule can significantly lower loan costs.
Debt Reduction Methods: The snowball method, which involves paying off the smallest debt first, helps to keep you motivated while also lowering your overall interest payments.
Loan Strategies
