Higher interest rates and worsening affordability are driving home buyers out of the market. Australian Bureau of Statistics figures published yesterday show.....
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Australia's economy needs a rate cut of a half a per cent in September says Westpac. The Westpac Melbourne Institute Leading Index predicts that Australia's economic growth rate will fall to two per cent in the months ahead. A cut of half a per cent would take $90 off the monthly repayments for $250,000 mortgage. If fully passed on by banks, a 0.5 per cent rate cut would bring down the average standard variable home loan rate from 9.6 per cent to 9.1 per cent.