The Reserve Bank didn’t move interest rates yesterday. However, they did prepare the market for a possible future interest rate decreases by saying that “scope remains for some further easing of monetary policy, if needed.”
The big banks continue their market domination of the Australian market and now ANZ are flexing their muscles. The have just issued advice that they will “reduce or cancel limits at any time” on existing Lines Of Credit, which would force you to repay the loan. Is it a commercial reality that this will be widspread? Probably not! Does it leave a bad taste in my mouth? Absolutely! It’s just one more instance of the major banks (who have an 85% market share of home loans) throwing their considerable weight around.
With rates from the smaller institutions as low as 4.82% (Heritage Pro Pack) and 2.99% (Firstmac Fight Back), and flexible terms like 10 years interest only from Choicelend, now might be the time to ‘vote with your feet’ and move to a smaller lender?
I’ll be contacting those of you who are with ANZ directly next week, but if you have any concerns before then please don’t hesitate to call me.
Upcoming Events
Here’s a list of events for our clients, family and friends.
Some are already booked out, but some dates still available.
A Sydney date has been confirmed (details soon) and I’m going to do my best to finalise a Brisbane date this week.
If someone you know has been asking your about property investing this is a great way to skill them up, just remember that we only take booking from people you know so if you tell your family or friends about it remind them to mention you when they call Ro go book their seats.
Property Investment Bootcamp Melbourne 24th June, 1st July and 8th July – Booked Out
One Day Property Investment Bootcamp Sydney 27th June – Details coming soon, ring Ro to register your interest on 03 9818 6755
Investment Workshop Wednesday 22nd July – Mark this date in your diary. Details to follow soon.
Property Investment Bootcamp Melbourne 29th July, 5th Aug, 12th Aug – Booked Out
Property Investment Bootcamp Melbourne 2nd Sep, 9th Sep, 16th Sep – To book now ring Ro on 03 9818 6755
One Day Property Investment Bootcamp Melbourne 3rd October – To book now ring Ro on 03 9818 6755