GRIM Property Forecast? ANOTHER Rate Rise & First Home Buyer Schemes! [Mortgage Minute July 2022]

Welcome to Mortgage Minute, your monthly examination of everything happening in the Australian Property Market this month in just minutes. This month we cover a whole range of topics, including:

• The Reserve Bank of Australia (RBA) HIKE interest rates

This week the RBA announced that they will increase the cash rate by another 50 basis points to 1.85%! We'll keep you posted as the various banks make their increase announcements. But the real questions remain:

🤷 Why is the Reserve Bank of Australia increasing the cash rate?
📈 What will this rate rise do to mortgage interest rates?
🏦 How have the major Australian banks responded?
🏠 What will another interest rate increase mean for homeowners?
🏡 How will this increase affect home buyers?

• Labor's First Home Buyers Schemes

The Government First Home Buyer Grants are now available for 2022! And you could save $55,000 on your first home. These new government schemes have now LAUNCHED and once again they are taking off 🚀 - last year it only took a month for these spots to be completely taken! But, no matter what your property goals may be right now, you might need to know your options quick before you potentially miss out!

• Australian property and housing market update:

Across the country, the property market is finally slowing as consumer sentiment, inflation, and rising rates take their toll. But the biggest news is that house prices are slowly going down. Here are the latest stats:

Sydney property prices dropped -0.6% from last week, dropped -1.9% over the past 28 days, but was still up 3.5% over the last 12 months.

Melbourne property prices dropped -0.4% from last week, dropped -1.3% over the past 28 days, but was still up 1.6% over the last 12 months.

Brisbane property prices dropped -0.2% from last week, dropped -0.5% over the past 28 days, but was still up 24% over the last year

• Will you regret buying in 2022?

And we'll answer the question we get asked most in 2022 - will you regret buying in 2022?


Here's what we learned:

00:00 Mortgage Minute - Everything you need to know
00:08 Australian property market update and forecast
00:37 How important is timing the market? When will the market peak?
01:03 The BEST advice we can give you!
02:05 Reserve Bank of Australia Cash Rate Increase!
02:20 What does a rate rise mean for homeowners?
02:40 Labor Government First Home Buyer Schemes
03:22 Our final thoughts for July 2022!

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