Just wanted to point out that anecdotal evidence (our own very recent experience and on this forum among other places ) would lead me to believe that it's getting harder and harder to wrench money from the banks, despite interest rates and the general economic climate.
I've read stories of people with very good work histories, good savings records etc being refused $$$ for seemingly banal reasons. Many first-home buyers, who are often younger and don't have big bucks stashed away in bank accounts, are being denied funds even with the Government grants, so say goodbye to the days of being lent 110%.
Additionally, I have been told (yes, it's heresay but it's worthy to note ) by two reps from two different banks that irrespective of what the RBA does to cash rates this year, the big four have NO intention of lowering their variable rates any further this year. That, and fixed rates going up in recent weeks would have this armchair economist believing rates have bottomed out
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