Rates cut tipped to ease Illawarra mortgage woes
Posted
The Reserve Bank's decision to cut interest rates by 0.25 per cent is expected to lighten the burden on Illawarra home owners and encourage investors.
Leigh Stewart from the Real Estate Institute says the cut brings interest stability for those wishing to enter the housing market, as owners and investors.
He says a small increase in property prices can be expected.
"So I don't think we'll see massive rises, but it would be good to see some incentive to get into the market."
The federal Member for Cunningham, Sharon Bird, says she hopes local banking institutions will follow the lead of the major banks and pass on the rate cut.
"I think it's very, very important that the banks actually deliver now on a decrease to the full value of the Reserve Bank cut, to families in our area on their mortgages or business loans," she said.
Ms Bird says banks and lending institutions need to realise the pressures families and businesses are facing.
