First National Welcomes Rate Cut

First National CEO, Mr Ray Ellis, welcomed the announcement by the Reserve Bank to cut interest rates by almost 100 percentage points because it provides some of the impetus needed to reinvigorate the home buyer market.

“With the uncertain global market conditions and increasing costs of living, the rate cut should offer some relief for home buyers struggling to make ends meet,” Mr Ellis said.

“I am glad the major banks have acted responsibly by passing on most of the official rate cut, but I still think more can be done.

“The State Government also has a role to play in returning some stability to the market and to make housing more affordable for all Australians.

 “This rate cut in no way represents the only thing that can be done.   First National is doing as much as it can to help home buyers having just given away $25,000 towards a deposit, mortgage or the upfront costs of purchasing a home. We also recently released a free guide ‘The Ultimate Planning Guide to Real Estate’ because informed decision making has never been more important.

“In addition, for the rural market, we have appointed a National Rural Manager who has an in-depth knowledge of regional property markets.”

In the uncertain economic times, Mr Ellis said it should be a combined effort by industry and government to ensure a sustainable property market for consumers.