Rate Will Help Housing Affordability

Paul Taylor has welcomed the announcement by the Reserve Bank to cut interest rates by 100 percentage points because it provides some of the impetus needed to reinvigorate the home buyer market.

“With uncertain global market conditions, the combination of the recently announced Government assistance package and this rate cut should improve housing affordability if the major banks all pass it on,” said Paul Taylor from Taylor’s First National.

“The challenge then is for loans to be more easily changed from fixed to variable rates and for the additional taxes involved to be kept to a minimum.

 “This rate cut in no way represents the only thing that can be done.  State Governments can also do their bit to help by reducing taxes.  We are doing as much as we can to help home buyers. Late last year First National gave away $25,000 towards a deposit, mortgage or the upfront costs of purchasing a home. The network is also about to release our National Property Outlook which will provide buyers and sellers with both the national and local information they need to make informed investment decisions.