Interest rate cut to record lows great news for South Australian first home buyers

Interest rate cut to record lows great news for South Australian first home buyers

 

BRIDGET Harris has been looking to buy her first home for the past six months.

Miss Harris, 27, of Myrtle Bank, said Tuesday’s dramatic interest cut would help. 

“The big four are considerably more than the little guys so I’m shopping around at the moment to see exactly what the best deal is I can get out of the banks is — it’s an incredibly competitive market at the moment,” said Miss Harris, an employment services worker.

“This is the best thing that could have happened for me if they reduce the interest rates.

“Having a lower interest rate means I can get on the property ladder.”

Ms Harris said historic low interest rates gave a strong argument for a fixed loan.

“There are a lot of costs associated with a house so being able to fix the interest rates means you know what those costs are going to be and there won’t be any surprises,” Miss Harris said.

 

She said the rate cut would naturally increase competition among first home buyers.

“That’s the nature of it, we’re all competing for very similar homes at a similar price point, so you’ll have to compete, but our parents had to compete and the interest was at 18 per cent, that’s just the nature of getting into property,” Miss Harris said.

 

Real Estate Institute of South Australia chief executive officer Greg Troughton welcomed the rate cut as great news for those looking to enter the market.

“The housing market is going along steadily at the moment and with the recent submarines announcement, should be a welcome boost to home buyers,” he said.


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