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An unexpected RBA rate decision, friends and family become eligible for government housing grants, borrowers increasingly struggling to make ends meet and a call to freeze mortgage rates.
Welcome back to REB’s weekly round-up of headline stories and news that are important not only for the real estate sector, but also for the state of Australian property more broadly.
To compile this list, not only do we consider the week’s most-read stories and the news that matters most to you, but we also curate it to include stories from our sister brands that also have an impact on the Australian property landscape. Here are the biggest stories of the week:
1. RBA delivers May cash rate decision
The Reserve Bank of Australia (RBA) handed down its fourth cash rate decision for 2023 at its monthly board meeting on Tuesday, 2 May.
2. ‘Further tightening may be required’, RBA warns
The central bank has surprised the market by raising the cash rate and is warning that further tightening of monetary policy may be required.
3. Mortgage holders are ‘on the brink’, FBAA warns
Mortgage holders are working more and spending less, as interest rate rises and inflation begins to take a toll on borrowers.
4. Home Guarantee Scheme expanded as National Cabinet flags supply increases
Federal Housing Minister Julie Collins announced reforms to the scheme two days after the Prime Minister and state premiers agreed to investigate reforms to boost national housing supply.
5. Greens calls on government to freeze mortgage rates
Following the RBA’s decision to raise rates, the leader of the Australian Greens has called on the government to “step in” and freeze mortgage rates.
6. ‘Line ball’ rate call condemned by property leaders
A month of reprieve was all Australia’s central bank afforded borrowers as it opted to lift the cash rate for the 11th time since last May.
7. 3% buffer is ‘too high’: Shadow assistant treasurer
The buffer applied to mortgages is currently “too high” and “should be moderated”, shadow assistant treasurer and financial services minister, Stuart Robert, has said.
8. Dodgy Qld bond cleaner temporarily banned from business
After leaving dozens of Queensland landlords and tenants almost $100,000 out of pocket, a dodgy bond cleaner has been ordered to clean up their act.
9. APRA buffer ‘unfair trap’ for mortgagors, CEO says
Rate Money’s chief executive, Ryan Gair, has called for the removal of APRA’s loan serviceability buffer as the expiration for fixed-rate loans looms.
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