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REIWA welcomes the Reserve
Bank of Australia (RBA)’s announcement today to cut cash rates from 1.5 per
cent to 1.25 per cent and strongly encourages all lenders to pass this on to
REIWA President Damian Collins said this
is a significant win for WA’s struggling real estate industry, one which will reduce
financial pressures for current home owners and attract new home buyers to
enter the market.
“By banks passing the full cut on to
their customer’s home loans, borrowers can expect for each $100,000 borrowed,
annual payments will decrease by $250, making it more affordable to hold on to
properties. For current home owners this will help people stay on top of
mortgage repayments and also lower cash out of pocket expenses, which will mean
more money to spend in other areas that will help boost the economy, or pay
down existing debt.
“With the number of first home buyers
decreasing nationally by 19.7 per cent in the first quarter this year, the RBA
cuts as well as the proposed APRA changes to servicing rates, the Federal Government's
proposed first home loan guarantee scheme, and recent Keystart changes will all
make it easier for first home buyers to get into the market.
“With more West Australians able to access home loans, property investment and home ownership, it is now becoming more
affordable, which should help stimulate our local property market. We are already starting to see signs
of this with an increase of 14 per cent in sales activity since the election –
a shift we are keen to see grow momentum in the second half of 2019,” Mr
For more information about REIWA's advocacy efforts, visit our advocacy page.
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