It wasn’t that long ago that some property analysts were predicting a flood of properties hitting the market as countless homeowners faced the ‘Fixed Rate Cliff’, the point at which their cheap fixed interest rate loans were due to revert to more expensive flexible rate loans.
If you’ve been trying to buy a property in 2023 you won’t need us to tell you that there has been no sign of a flood of new listings this year. Yet interest rates have continued to climb, raising the question of what happened to all those homeowners who were supposed to be forced to sell?
Well, some new figures from PropTrack have provided some answers to this question, with as many as 28,000 Australian homeowners switching to another lender per month. This figure compares with the pre-pandemic monthly average of around 15,000 refinancing homeowners. Interestingly, the number of property investors seeking new lenders is also up, with 11,000-plus taking the step per month recently.
This activity is good news, as it means not only are more people getting active in seeking a better deal from their lenders, something we urge clients to do on a regular basis, but it also means that more property owners are stopping to look at their loans in order to reassess their suitability as circumstances change.
This idea is particularly relevant to Victorian homeowners right now, whether you are rolling off a fixed rate loan or not, as there are likely to be a number of loan offers out there right now that are not only at lower interest rates than your current mortgage, but could also offer specific features that are more suited to your current circumstances and plans.
As we always remind our clients, it won’t cost you a cent to have a chat with an independent mortgage broker to discuss your options, but it could save you thousands of dollars.
Of course, if you are looking for great finance deals as part of a plan to make your next move in today’s property market, a chat with one of the team at Ian Reid Buyer and Vendor Advocates will provide you with clarity as well as lots of helpful advice. You can call us on 9430 0000.
You’ll also find lots of helpful tips for vendors in our free booklet, ”FATAL REAL ESTATE TRAPS EXPOSED”, so be sure to download a copy while you’re here.
11/28/2023 
