What do the recent OCR announcements mean for you?

The recent OCR announcement has already had an impact on the housing market; we’ve seen lenders respond swiftly, offering lower interest rates across the board coupled with an increase in enquiry from clients looking to purchase new property and / or manage the falling interest rate environment. More borrowing power for home buyers, equals a potential boost to the property market and all indicators are pointing towards some significant returns in the next 12 – 18 months.

Here's what the OCR drop could mean for you:

• Increased Borrowing Power: You can now likely borrow more than you could last month. This means you may be able to now stetch to that larger home, complete deferred renovations or even add an investment property to the mix.

  
  

• Lower Weekly Costs: Interest rates are reducing which means the cost of servicing a mortgage is falling. This can make a big difference to your monthly budget and the trend is expected to continue from here.

To make the most of this opportunity:

• Act Quickly: Don't delay your home-buying plans. Indicators are pointing towards an uplift in the market in the near term, making now a great time to buy.

  
  

• Be Prepared: Have your finances in order and be ready to move quickly when you find a suitable property. Lenders are currently experiencing a high volume of enquiry; we strongly encourage you to get a pre-approval in place sooner rather than later if you are planning on purchasing a new property.