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2023 November 8th – Your Finance News









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Following four consecutive months of an unchanged Reserve Bank of Australia (RBA) cash rate of 4.1%, Reserve Bank Governor Michele Bullock yesterday announced an increase, taking the cash rate to 4.35%.

The RBA noted inflation was still too high and persistent, in particular for services. They are now looking to coming months data to see whether further tightening’ will be required, meaning a December rise is highly unlikely.

We detail below how a cash rate increase flows through to home loan rates and repayments.

What is a Credit Report and why is it important? 
Your credit report is an important part of lenders approach to assessing your financial strength and will impact your ability to gain access to finance, and potentially, the cost of the finance you are able to access.

In this newsletter we share what you need to know about your credit report and how to ensure your credit score is the best it can be prior to applying for a home loan.

We welcome broker Jeremy Edwards and his family back from their trip to Tassie, there were plenty of highlights, getting close to nature and experiencing life made for a special holiday. Jeremy is back to work from today, Wednesday 8th November, and ready for appointments.

As always, if you have any questions regarding your current loans or future finance needs, email advice@equityvision.com.au or click the button below to book an appointment.

Book your Personalised Finance Appointment

 
The RBA have increased the cash rate, What happens now?
When the RBA announce a 0.25% increase to the cash rate, it triggers a series of actions taken by all lenders.
Initially, lenders will assess their various financial products, such as home loans and savings accounts, and during this evaluation, each bank will consider the magnitude of the rate increase, deciding whether to pass on the full 0.25% rise or choose a different amount to pass on to their customers.

Beyond the extent of the adjustment, each lender will determine an effective date for implementing the rate increase on each product. In the case of home loans, this effective date could be as soon as a week.

It typically takes approximately a month for the the increase to flow through to borrowers repayments, meaning today’s rate rise will start to be felt by home loan customers close to the end of the year, around Christmas.

If you would like to discuss how this latest rate increase may impact you, please book in a chat using the button below.

Book your Personalised Finance Appointment

What is a Credit Report and why is it important? 
 
Your credit report is an important part of lenders approach to assessing your financial strength.

The reports are used to obtain all types of credit, the most common types include home loans, vehicle finance, personal loans, credit cards and Buy Now Pay Later services.

Your ability to gain access to finance, and potentially, the cost of the finance you are able to access is influenced by your credit report.

To read more please click below……
 

Click here to Read More

We invite you to follow our business Facebook, Instagram and Linkedin pages.
Our business is built on referrals from our clients, for users of these platforms, we would love for you to click the links below to follow our pages, stay in touch, and to refer your friends and family.

Kind regards,
The team at EquityVision 
Your Mortgage and Finance Brokers
Suite 6 / 296 Bay Road Cheltenham VIC 3192

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Michele Mansfield (CR No.399836) Mandy Evans (CR No:552214), Alisha Perry (CR no.502031) and Jeremy Edwards (CR no.549380) are credit representatives of Buyers Choice Licencing Pty Ltd (Australian Credit License No. 509484).
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