Market Insights for 2024 and beyond: Expert Opinions from Mal Cayley and Paul Westcott with Jade Harrison from Hot 91.
As we navigate the dynamic property market of 2024, it’s essential to stay informed and strategic.
Banks Are Working Harder to Win Clients
The competitive landscape among banks has intensified, leading them to work harder than ever to attract and retain clients. This increased competition is good news for borrowers, as it means more opportunities to secure better rates and terms.
It’s Worth Asking for a Better Rate
Both Mal and Paul emphasise that now is a crucial time for borrowers to actively seek better rates. With the market’s competitive nature, people have more leverage to negotiate favourable terms. “People have the confidence to ask for a better rate, and so they should,” says Paul.
Looking Ahead to 2024: Interest Rates and Market Trends
Interest Rates: What to Expect
A major point of discussion is the direction of interest rates. Many are wondering if we can expect drops from the Reserve Bank of Australia (RBA) in the coming year. While it’s difficult to predict with certainty, the consensus is that rates are currently at an all-time high, with the assessment rate creating significant pressure on borrowers.
Property Prices: A Likely Rise
Despite high interest rates, property prices are expected to rise. The current 2.5-3% buffer in place helps ensure that borrowers can manage their loans even if rates increase, which adds a layer of stability to the market.
The Rise of Renegotiations
Paul anticipates a significant rise in people looking to renegotiate their rates this year. With the high assessment rates and competitive banking environment, now is the perfect time for borrowers to revisit their loan terms and seek better deals.
Success Story: Unlocking Lending Potential
Mal Cayley, describing the BrokerCo team as magicians, shared a compelling success story that highlights BrokerCo’s expertise in navigating complex
lending scenarios. Recently, BrokerCo was able to unlock $800,000 of lending availability for a South African client with foreign income, who had struggled to secure a loan elsewhere. This achievement underscores the importance of working with knowledgeable brokers like BrokerCo who can find solutions where others cannot.
Why You Should Talk to BrokerCo
If you’ve been unsuccessful in renegotiating your loan with your bank or are finding it challenging to secure a home loan, BrokerCo is here to help. Our team has the expertise and industry connections to unlock opportunities and secure favourable terms for our clients.
Don’t let high interest rates or previous rejections discourage you. Contact BrokerCo today and let us assist you in navigating the complex lending landscape to achieve your homeownership goals.
Contact us to schedule a consultation and take the first step towards securing a better deal on your home loan!