When the Reserve Bank met this month, they decided to leave rates on hold. With the state budget due out and the federal budget after that, it was always unlikely that any rate movement would happen this month. Hopefully the budgets have something favorable for you personally and get some things in place to stabilize the economy in general.

A very important issue that I would like to mention for anyone who is thinking of purchasing a property, is that many banks recently have made changes to their lending requirements. In regards to Genuine Savings, 3% minimum is needed of purchase price for first home buyers and 5% minimum for subsequent home buyers by way of progressive and regular savings over a period of not less than 3 months prior to the time of application. Proof of this is needed with a printout of the last 3 months of your savings account statement. Any large sums or deposits are excluded unless it can be clearly shown it has come from a sale of an appreciating asset that had been held prior to their disposal for a minimum of 6 months.

Give me a call if you need further clarification on this.