Is now a good time to buy a house?

by Greg on February 23, 2015

Time to buy a house

If you are someone that has dreamt about owning your own home, now is the time to look at purchasing your first house while interest rates are at a record low. The Reserve Bank of Australia has dropped interest rates to an all-time low and so borrowing is becoming that little bit cheaper. If you are a house hunter or property investor shopping around now for a mortgage, while interest rates are so low, is the perfect time as the market is more competitive and negotiating is easier. Lenders offer rate discounts and switching incentives, which means it is also a great time for borrowers to consider refinancing. The saving which can be made by reviewing you loan product can be substantial but it is important to understand the overall costs of refinancing compared to the benefits.

Once you have worked out what you want to purchase it is important to use a home loan comparison site to assist you in finding a good mortgage deal. Companies such as or will be able to advise you on the best mortgage deals and other Government schemes available to you. Comparison sites also know the key details about lenders criteria, and are able to advise you if the lender you are thinking of does not lend on particular properties. So whether you are a first home buyer, a property investor or shopping around for a better home loan deal – these sites have the tools to help you with your home loan search.

While interest rates are at an all-time low you can lock in a low interest mortgage which offers a competitive interest rate that most Australian borrowers will not be able to pass up. Finding a low interest rate loan can shave years off your loan and save you thousands of dollars, so make sure you start searching and comparing some of Australia’s greatest home loans. Whether you are interested in purchasing a home as an investment, or to live in, a low interest rate home loan would benefit both buyers as lower interest rates means lower repayments and lower overall outlay.

The Reserve Bank of Australia’s decision to drop the official cash rate is a wake-up call to people who have been sitting on the sidelines of the property market and were convinced that property prices were too high. With interest rates dropping consumers have to focus on what they can control including loan affordability and buying well. As interest rates have not been this low for half a century, consumers should not ignore the opportunity to enter the market now. With the Reserve Bank setting the low-interest rate environment for 2015, it is now your turn to take control and focus on loan affordability, and buying well.

Finding a competitive interest rate is imperative to keep your repayments down and could save you thousands off your total loan amount. Buying your first property can be very daunting – after all it is probably the biggest investment you will make in your life so make sure you use the tools available on or and start your property portfolio today.


by Adir Shiffman

Adir Shiffman is one of Australia’s leading entrepreneurs. He is the Director of Digital Strategy at 1300 Home Loan & Compare Home Loans.

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