Interest rate cuts

Interest rate cuts and what it means for home buyers

The year 2020 has been a mix of ups and downs, but with the negatives have also come some positive opportunities for many Australians.

In the announcement on 3rd November, The Reserve Bank has cut interest rates to a record low of 0.1 per cent. The cut to 0.1 per cent is down from the previous record low of 0.25 per cent and is not expected to increase for at least another three years.

The hope is the banks will pass on the interest rate cut to their customers. With this record low comes the opportunity for people to enter the housing market and the opportunity for investors to expand their home portfolio. Since obtaining home finance is more affordable, those who may have been struggling to purchase property, now have better prospects to take out a home loan and buy real estate.

Hi-Tech Homes have been producing quality homes, granny flats, commercial and industrial buildings for over 30 years. If you are looking to build a new home, phone us now on 02 4774 8388. At Hi-Tech Homes ‘we deliver your dream’.

 

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