Roll up! Roll up! It's the great mortgage sale!
Wow, what a couple of months it's been so far - share markets going down and up, America's credit rating changes and more talk about the finances of European countries.
Due to these fluctuations in the world markets, some of Australia's major lenders (and minor ones) have announced huge discounts on their home loans. Some lenders are offering over 1 per cent off their standard variable rates and nearly 1.5 per cent below on their fixed rates.
Is it a "Home Loan Clearance Sale"?
Maybe. Certainly these discounts haven't been seen in years and as the markets settle down they will disappear. For, as long as the Australian economy is still good, then there are questions as to how long these discounts will be available.
According to the Sydney Morning Herald, Sydney's prices are surging ahead of the other capital cities. Meanwhile Bluewealth Property, in their commentary on the national property market update, state that while Sydney is ahead of the others, the property market is close to the bottom. http://www.originfinance.com.au/advice-centre/articles/item/167-propertymarket201108.html
My prediction - as soon as Australian's realise that our economy will keep purring along (despite Athens and Washington) these great deals will disappear.
