National Australia Bank is the first of the big four banks to raise owner-occupier home-loan rates, lifting the rate by 7 basis points to 5.32 per cent.
Why are Australians so obsessed with interest rates?
The Reserve Bank of Australia left the official cash rate at 1.50 per cent but credit conditions have tightened for investors over recent months, and owner occupiers are wary about rates as the banks move unilaterally, says Shane Garrett of the HIA.
If variable interest rates begin rising in the middle of 2017, as predicted by Zac Peteh, director of mortgage broker Mint Equity, it could be time to consider fixing your rate.
Mortgage holders should review their home loans after a number of lenders imposed out-of-cycle interest rate rises, says John Kolenda of mortgage broker 1300HomeLoan.
Despite speculation about a Melbourne Cup Day surprise, the RBA Board decided to leave interest rates on hold this month.
The official cash rate is the rate that the RBA charges banks to access funds, which they then lend to you, the consumer, at a higher rate.
The RBA has left the cash rate at historic lows, as expected.
Weak inflation has sent interest rates to historic lows, but new housing supply and APRA's steps to rein in property investment will contain property prices.
Shane Kempton, CEO of Professionals Real Estate Group believes now is an opportune time for young people to get into the WA property market.
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