The recent decision by the Reserve Bank of Australia to leave the cash rate at 4.35% is already delivering a wave of clarity and optimism as the traditional spring property market looms. 

According to Craig Betalli, Senior Broker at Our Broker, “talk that rates were going up forced many people to put their plans on hold. While often property transactions occur because people need take actions like up or downsizing the family home, buying a first property or investment, this latest monetary policy development is set to get tentative buyers moving.” Craig says.

Some economists believe that the current rate cycle has peaked and there won’t be more increases. Craig says, “This provides more certainty, allowing people to start borrowing money with the expectation that rates will likely stay the same or decrease giving borrowers’ confidence to act on their property goals.”

Interestingly, buyer activity is already picking up. “I went out to open homes on the first Saturday of August in the Wollongong area on the South Coast of NSW, and it was like someone had turned on a switch. Even though the RBA announcement hadn’t come out, the sun was out, people were out, and properties that had been sitting on the market for a bit have now sold,” Craig shares.

Spring cleaning your finances is essential

According to Craig, now is the time to reassess finances for those who have been waiting, with the market set to click up a gear between now and Christmas. “Getting a preapproved home loan is vital to be ready to strike when the right property comes along. This involves contacting your broker and understanding the process, costs, and options.”

A home loan preapproval is an enquiry with a lender to determine the likelihood of getting the finance to buy a property. “Additionally, a finance specialist, such as Our Broker, can assist you in finding the right lender to ensure you get the best outcome for your property purchase,” Craig explains. 

Craig also highlights the importance of overcoming misconceptions and fears about finance. “At Our Broker, we aim to provide tailored advice, ensuring that financial structures not only suit the present but also set our clients up for the next five to ten years.”

Craig also urges borrowers not to make assumptions about their borrowing capacity and costs. He adds, “There was a client from Bathurst in central western NSW interested in buying a property who had certain preconceptions about the borrowing process. We suggested an alternative approach, explaining that it would work better for her. 

“There are always different ways to approach financing, and having a clear, logical view of the options can make a significant difference.

“With rates on hold and more certainty in the market, now is an excellent time to take advantage of the improving conditions. Many people are returning to the market, and those ready to act will benefit the most.”

Craig concludes, “If you’re considering entering the market, contact a finance specialist such as Our Broker. Tailored financial advice can help you navigate the real estate market confidently and make informed decisions that suit your long-term goals.”

To get a home loan preapproval property before spring, contact Our Broker today on 1800 913 677.