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This Week In Property

5 THINGS YOU NEED TO KNOW THIS WEEK - 10 MARCH 2020

Your quick guide to all the key stories from the property industry this week.

  1. Official rates were slashed last week, and all four major banks moved fast to pass the cut on in full to borrowers.  


  2. Now all eyes are on the Morrison government to help stimulate the economy.  It is due to announce a business- and jobs-focused stimulus package this week – and the word is, there may also be some relief for households coming as part of that plan.


  3. One downside of the RBA rate cut is, interest rates for savers are also dropping along with lending rates.  If you’re saving for a deposit right now, this could slow you down.


  4. If you hold a savings account with one of Australia’s neobanks like Xinja, Volt and 86400, you’re in a better position to save than anyone with accounts at the big four.  These digital-only banks are keeping savings account rates on hold despite the official rate cut – but only for existing customers for the time being.


  5. Coronavirus hasn’t slowed the property market down even a little bit.  CoreLogic reported a 82.6 per cent auction clearance rate in Sydney over the weekend, up on last week. 

 

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