Tue, 19th Mar 2024

This week's finance news explores the rising mortgage pressure in New South Wales, with families allocating 58.5% of their income to mortgages, increasing repayments by $800 monthly since the previous year. Despite these escalating costs, a 16.8% growth in first-time home-buyers has been observed, with 31,000 Australians venturing into homeownership. Ahead of the Reserve Bank of Australia's meeting, Ubank has adjusted mortgage rates with variable rates increasing by up to 0.1% and fixed-rate loans seeing cuts of up to 0.49%. Also, the Commonwealth Bank reports a 40% surge in home loan costs this past year. In a significant move, the Australian government is planning to eliminate nearly 500 import tariffs starting July 1, aiming to decrease living costs and benefit businesses, potentially saving companies up to $30 million annually. These tariff reductions could have a profound impact on Australia's trade landscape.n