DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/rjkjr3/annual_market) has announced the addition of the "Annual Market Overview - Future Focus: The Mortgage Market in Australia" report to their offering.
Since August 2013, the RBA has kept the official cash rate on hold at a record low of 2.50%. Weak economic indicators and the high Australian dollar have been the major forces forcing the cash rate down. The RBA's monetary policy statements have continued to emphasise that a period of stability in monetary policy is likely for the foreseeable future. As such, the general consensus among economists is that while the next rate movement will be up, any cash rate movement in unlikely until late 2014 or early 2015.
The low interest rate environment has had a noticeable effect on how property owners are handling their mortgages, with the proportion of property owners making overpayments on their mortgage increasing to a record high of 59% in the December 2013 mortgage survey. The proportion of homeowners looking to refinance their home loan in the next 12 months has also been increasing across survey waves, according to this data.
Furthermore, The ABS recently reported that the number of owner-occupiers refinancing had increased by 17% in the first half of the 2013-14 financial year, to almost one in three borrowers. In addition to record-low interest rates, this increase can be attributed to a rise in the number of discounted mortgage products currently available in the market. According to this data, the proportion of owner-occupiers likely to refinance their home loan and switch to another lender in the next 12 months has been steadily increasing. In December 2013, 22% of all homeowners were likely to switch their home loan to another institution, up from 16% in June 2013.
Features and Benefits
- Examines current macro-economic trends in Australia
- Provides an overview of the current state of the mortgage market
- Provides forecasts of the mortgage market for 2014 to 2016
Key Questions Answered
- How has the Australian economic landscape changed over the past 12 months?
- What are the key factors influencing the mortgage market?
- How will the mortgage market change in coming years?
For more information visit http://www.researchandmarkets.com/research/rjkjr3/annual_market