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Cash rate cut to make buying simpler

By Craig Pontey

When it comes to buying a property in the eastern suburbs, there is a wide range of luxury homes that sell at a premium. Upon obtaining one of these prestigious homes, you can use it as rental real estate with the Ray White Double Bay property management team, and get the yields you deserve.

Whatever the reason for buying a property, the process of securing finance may be about to get much easier. The Reserve Bank of Australia (RBA) has announced a cut to the official cash rate (OCR), the first change in 18 months. This was done to help pull inflation back into target range, and has the added bonus of bringing interest rates down, allowing you to get the home loan you deserve.

Sam White, chairman of Loan Market said in a 3 February press release that this change was going to have benefits for many lenders, and urged everyone who already had a mortgage to take advantage and cut down their long-term payments during the low interest rate period.

Evidently, the OCR cut is going to have fantastic benefits for anyone looking to buy rental property in the eastern suburbs of Sydney.

Investors still on the rise

In the 3 February release, RBA Governor Glenn Stevens noted that credit growth was also experiencing a continued increase, especially among investors. This indicates that whether you are searching to buy a home or rent one out, there is likely to be a wealth of options available.

Getting ahead in crowded markets like Sydney means finding real estate experts who know their area like the back of their hand. That’s why anyone looking at real estate in Double Bay should contact an agent and find a broker who knows how to get you the property setup you deserve.

If you’re looking for a mortgage broker in Double Bay or surrounding areas, contact Daniel Pym and he will assist you in finding the right home loan product.

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