May 12, 2023
The ‘fixed-rate cliff’, and other mortgage concerns
Last week, the Reserve Bank of Australia made the surprise decision to increase the cash rate — the 11th time in 12 months it has done so — given that inflation isn’t coming down. The current economic landscape and subsequent property market offer much food for thought for lawyers.
On this episode of The Lawyers Weekly Show, host Jerome Doraisamy welcomes back Legal Home Loans director of sales Cullen Haynes and legal lending specialist Rachael Massoud to discuss why the RBA raised the cash rate this month, the circumstances giving rise to such a decision, the challenges that lawyers looking to buy are now facing, and whether any particular demographic of lawyers is being hit hardest right now.
Mr Haynes and Ms Massoud also explore the impact that rate rises are having on lawyers, how to interpret the record profits being made by the big banks at present, the “mass migration” currently being seen in the property market, and detail practical steps to take at this juncture, including refinancing, the questions to be asking one’s broker, escaping “mortgage prison”, and their advice for lawyers wanting to buy right now.
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