Have recent rate hikes made you nervous about taking the plunge into the property market? You’re not alone; it’s a buyer’s market for a reason. Here’s how to stay cool and calm when buying your next property.
As you’ve probably seen in the news, the Reserve Bank of Australia (RBA) has increased the official cash rate from 0.10% to 3.35% in just nine months.
It’s now the highest it’s been since September 2012 – so it’s only natural to feel a bit hesitant about buying property right now.
But rest assured with the right buying strategies in place, you can navigate rate hikes and mitigate potential financial stress.1. Know your borrowing capacity
Get to know your borrowing capacity, and consider leaving yourself a bit of a buffer by purchasing under the maximum amount.