The Reserve Bank of Australia has confirmed that, the cash rate will remain low at 2.5 percent throughout mid-2015.
But is the Home Loan and Property Market Forecasts for 2015 all good news?
Well it is if you are buying a property – as this environment creates a “buyers market” – where the buyers have the upper hand in negotiating price. This is because they have more purchasing power thus can bargain harder.
This is bad news if you’re experiencing Mortgage Distress and are falling further behind on your mortgage repayments – the buyers market hurts you more than ever before!
If you’re home is repossessed, the bank and the real estate agent will simply want a fast sale at any price.
Sadly they won’t have your best interests at heart…
They won’t care if your home sells way below market value.
Getting a sale and making back their money is their only concern.
Although the low interest rate is a sign of weakness in the Australian economy, it has a significant impact on how lenders and banks can charge for their home loans.
This is very evident from the recent blog entries and emails by mortgage brokers, harping on how great a season it is to jump onto the property market.
If home loan interest rates remain stable throughout the year, you may seek professional advice about refinancing your existing mortgage.
If refinancing is not a viable option for you as you are forestalling home repossession by the bank, you may end up having to sell your home to re-pay off your bad debts.
Instead of going to a real estate agent, it is advisable that you approach a foreclosure and repossession advocate like Property Solutions For Australia – because we can determine a good price for your home in the property market after a close analysis of the market trends, and also help you defend your home against repossession by your bank.
If you need help now or have any questions – call us on (02) 8006 0420 for a “No-Obligation” consultation.
Alternatively you can CLICK HERE and get instant access to a FREE report on the “7 actions you can take immediately when you can’t pay your mortgage!”