25th July 2014
It's been a busy month, lots of enquiries and what I call "common sense" approvals. These are applications that may not "fit the box" but are really not a big risk to the bank. These applications are very competitive with interest rates and legal fee offerings.
1) Reserve Bank increased the official cash rate by 0.25% yesterday, but indicated there may not be any further increases this year.
2) A couple of banks have increased their floating rates already (surprise surprise) but no changes to fixed.
3) In November, the Reserve Bank will likely reveal the future for LVR restrictions.
4) More high LVR loans are being written by the banks than before and it is getting easier to obtain these approvals.
All the best,