2022
High Country Times
Wednesday, March 5, 2025
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mansfieldcourier.com.au
Autism strategy raises questions Page 5
SWIMMING CARNIVAL SPIRIT MANSFIELD Steiner School students cheered on their teams in a vibrant display of colour and energy at last Friday’s swimming carnival.
Cricket finals in sight Sport
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Full coverage in the next edition.
PHOTO: Nicky Sanders
LOCAL MORTGAGE BROKER AND ESTATE AGENT DISCUSS MARKET FOLLOWING RATE CUT
Rate relief for Mansfield market
By MIKE SMITH THE Reserve Bank of Australia has cut the cash rate from 4.35 per cent to 4.1 per cent - the first decrease in over three years - following months of pressure amid rising living costs and a housing shortage. The decision, announced by RBA Governor Michele Bullock on 18 February, comes after rates remained at a 13-year high for 14 months. With major banks and lenders passing on the cut, the move is expected to have significant implications for borrowers and the local property market. The rate cut is expected to ease financial pressure on borrowers in Mansfield Shire, where housing affordability and lending conditions have been key concerns, while also saving Australians with an
average mortgage of $640,000 roughly $100 a month - an opportunity local mortgage broker John Mongan, Director at Peak Finance Broking, advises homeowners to use wisely. “I’ve been calling my clients to encourage them to continue paying the repayments they were paying before the RBA dropped the cash rate,” he said. “By paying a higher amount now that the interest rates are lower, you are paying off more of your principal which will help you pay off your loan faster. “By March 4, the big four and many tier two lenders will have passed the rate cut on, which is great. “It makes it a great time to buy, to refinance an existing mortgage, or to buy an investment property. “I encourage any one who
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has previously looked at their borrowing power to look again, it’s likely your borrowing power has increased. “We are having a lot of luck helping first home buyers get into the market, there are so many schemes to help first home buyers at the moment. “It’s also a great time for those looking to buy an investment property. “Everyone wants to buy when the market is down and about to go up but it’s also a great time to buy when the market is stable.” While house prices in Sydney and Melbourne have surged beyond advertised ranges due to ongoing shortages, Mansfield Shire’s market has been slower, with many properties sitting unsold for months despite speculation that the rate cut could drive prices up. ■ Continued page 2
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197-203 Mt Buller Road MANSFIELD VIC 3722 | 03 5775 2711 www.mansfieldpowerag.com.au