The June 7decision by the Reserve Bank of Australia (RBA) to keep the cash rate at the record-low 1.75 per cent is outlining a nationwide push to improve the affordability of housing, and that’s going to help anyone with a bad credit rating as well.
When your past discrepancies have made their mark on your credit history, you shouldn’t be restricted completely from getting back on your own two feet and finding financial stability. Instead, the team at Redrock is here to help you by providing bad credit rating home loans.
Perfect for those with irregular histories, you can take hold of your fiscal future and shore it up completely by buying a home – it’s a fantastic investment, and this low cash rate environment will continue to help savings rise and mortgage costs drop.
Is a bad credit rating mortgage for you?
This low cash rate environment will continue to help savings rise and mortgage costs drop.
While the cash rate is low and banks or lenders don’t have to pay as much for a loan to fund a mortgage, monthly repayments could be much more affordable. The data showed the largest comparison rate drop was from 3.6 to3.4 per cent, and this could fall even further.
Last month,when the 2 per cent cash rate dropped by 25 basis points, you might have seen a difference in your savings account too. This might help you with a deposit fora bad credit home loan greatly. If you haven’t noticed an increase, it might be time for a change of banks! Make the move while the rate is low because you’ll reap the rewards and be able to get into the property market much faster.
“Appropriate fiscal policy, together with economic reform that has housing as a core focus,is necessary to lock in decent growth in productivity and living standards for current and future generations of Australians,” said Housing Industry Association Chief Economist Dr Harley Dale.
“We live in a very fluid economic environment so it is appropriate that the RBA is willing to cut rates further this year, should it deem that necessary. It is quite clear that the Bank is leaving the door wide open.”
There’s no point waiting around for a home to fall into your lap.
There’s nopoint waiting around for a home to fall into your lap. Get into the buyers market before more people realise the environment is ripe for their next home as well, and beat the crowds to your dream home and a step toward financial stability.
Get in touch with Redrock to find out more.
