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.
Aussie families fork out $1,200 every year for stamp duty
The Housing Industry Association's Stamp Duty Watch reveals current rates of stamp duty mean the typical Australian family is paying more than $100 in additional mortgage repayments each month.
OECD says Australia must lift interest rates to cool housing market
Australians may face higher interest rates next year, as the The Organisation for Economic Cooperation and Development warns of the need to "unwind tensions" in the housing market.
"Any speculation that mortgage rates are set to rise is likely to dampen activity in the housing market," says Tim Lawless, research director, CoreLogic.
The latest Australian Bureau of Statistics data shows the total value of mortgage lending in July 2016 was $31.8 billion, or 1.8% lower than mortgage lending in June 2016, and down 4.1% from the peak of $33.2 billion recorded in April 2015.
