Interest rate announcement – May 2017
Today the Reserve Bank of Australia met to review the official cash rate. After last cutting rates in August 2016, the RBA have again decided to leave rates on hold at 1.50% this month. Nonetheless, we have seen some lenders starting to increase their variable and fixed interest rates and we expect others to follow suit.
The Victorian State Government recently announced changes to stamp duty. These changes come into effect from 1 July 2017 and include:
For first home owners
First home buyers whose purchase is below $600,000 will be exempt from stamp duty. A reduced rate will apply on purchased between $600,000 and $750,000.
For investors
Off-the-plan stamp duty concessions will cease meaning that local buyers will pay up to 16% on purchase taxes and offshore buys will pay up to 23%.
Our Current Best Interest Rates
The best home loan rates we currently have available:
- Variable rate of 3.79% pa
- 1 year fixed rate of 3.69% pa
- 2 year fixed rate of 3.69% pa
- 3 year fixed rate of 3.89% pa
