OCR Update

OCR Update - Dixon Mortgages

OCR Update

With the decrease in the OCR yesterday and with everything that’s happening with the virus etc – there’s going to be a hive of activity and opportunity in the property and mortgage market.

Here are some of my thoughts on the market and what is going to happen:

✔︎ OCR decreased to 0.25% banks are going to be decreasing their interest rates (will come out in the next day or so)…
✔︎ There will be an injection of capital from the govt to encourage people to spend…
✔︎ There will be relaxing of constraints of borrowing – encourage rules around lending likely to be relaxed by banks…
✔︎ Stock market – people are wanting to pull their money out of the sharemarket – invest in property…

? Household mortgages – Home owners will be looking at their budgets and seeing where they can save cash. They may have credit cards, car loans etc – look to bundle all the costs up into their mortgage and refinance to get these much cheaper interest rates to save cash on monthly repayments.

Even if you have fixed mortgages with current lenders – I can negotiate cash incentives from other banks so break fees aren’t as high and you can make use of the massive savings to be had.

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