New housing boom set to go through the roof

(source: Sydney Morning Herald)

As New South Wales recorded its lowest figures for construction of new homes, developers have predicted the worst is over and the state is on the verge of a housing boom.

Bureau of Statistics data for the three months to March showed the number of new housing starts has fallen to 5400, down from 7500 in the same period last year and 11,000 five years ago. Read More »

Westpac, NAB hike fixed rates

Commonwealth Bank is not the only one to increase is interest rate.  Another two major banks, Westpac and NAB have increased their fixed rate mortgages yesterday.

Effective today, Westpac’s fixed rate loans will rise by between 10 and 50 basis points. The hike will take its three year fixed rate mortgage to 6.59 per cent – just 10 basis points behind CBA, who pushed up its fixed rates yesterday. Read More »