Reserve Bank of Australia Governor Philip Lowe has noted tightening credit across multiple types of borrowers. Picture: AAP Image/Mick Tsikas.The comments come as Reserve Bank of Australia Governor Philip Lowe on Tuesday announced the official cash rate would remain at the record 1.5 per cent in February — given low rates were “continuing to support” the economy.He acknowledged that “credit conditions for some borrowers are tighter than they have been. At the same time, the demand for credit by investors in the housing market has slowed noticeably as the dynamics of the housing market have changed. Growth in credit extended to owner-occupiers has eased to an annualised pace of 5.5 per cent.”CoreLogic head of research Tim Lawless and research analyst Cameron Kusher believe the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommendations offered some good news for borrowers — particularly by it not ruling out Household Expenditure Measure “as a valid benchmark for assessing borrower expenses”.That means “credit availability is not likely to worsen any further” now, a report by the pair said.“Potentially we are in the early stages of a ‘new normal’ for home lending where borrowers should expect a lot more scrutiny on their expenses and servicing capacity.“Our macro view is that home values will continue to trend lower through 2019 and into 2020. As housing affordability gradually improves and owner occupiers continue to benefit from lower mortgage rates relative to investors, we are likely to see an organic shift towards owner occupiers comprising a larger share of the market.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. 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This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 MORE: Jessica Rudd is doing it her way Amy Shark sinks millions into home town Finsure Group’s John Kolenda has a pessimistic view, expecting a rate cut by the third quarter off slowing economic circumstances. Picture: Alex Wisser“This is increasing pressure on the RBA to lower rates, particularly when you weigh up all the negative factors which includes the coming federal election, the response to the final report of the Hayne Royal Commission, the falling property market and external matters such as the US-China trade war and Brexit. There are just too many headwinds at the moment.”More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoHe said banks were already increasing rates independently of the RBA because of funding pressures and consumer confidence was also “lagging”.“I don’t think they would cut rates during an election campaign, If it does happen it would most likely be in the third quarter, unless there is a material change in the overall economy.”Rates have not fallen since hitting a record low 1.5 per cent in August 2016. “A 6.3 per cent drop in Sydney would see average house prices dip a further $58,000, while a 6.6 per cent drop in Melbourne this time would mean a fall of more than $49,000,” Mr Cooke said. “Remarkably, should these price drops eventuate as forecast, this would make Sydney and Melbourne property the cheapest it has been in four years.”Mortgage industry expert John Kolenda of Finsure Group was pessimistic about rates, warning pressure was mounting towards a cut — which would be great for borrowers, though a bad sign for the state of the economy. The fastest growing place in QLD Refinancing levels have dropped with many borrowers scared off by higher serviceability requirements.There was some other good news off the release of the Royal Commission’s 76 recommendations, with analysis firm Moody’s noting it removed some negative pressure from the housing market — specifically off its decision “not to tighten lending criteria”.It warned “housing credit growth continues to fall from the high levels experienced during 2013-2017, with the value of total new lending falling 8.2 per cent in the 12-months to November 2018. This reflects both macro-prudential measures and the highly leveraged nature of households”.Ratecity.com.au research director Sally Tindall said “the serviceability clampdown will have scared some people out of refinancing” already.Refinancing of home loans was down 3.2 per cent year-on-year in latest Australian Bureau of Statistics data for November — even though the average borrower could save $77,340 over the life of their loan if they switched to a lower rate, Ms Tindall said. Experts in the Finder RBA Cash Rate Survey expect the median house price in Brisbane to fall -1 per cent this year. Picture: AAP Image/Glenn Hunt.A rate cut to a new record low is just months away, experts predict, with median house prices expected to fall across five major cities.Fresh predictions in the latest Finder RBA Cash Rate Survey, out Tuesday, were that median house prices would fall in five major capital cities by the end of 2019 — with Sydney and Melbourne to hit their cheapest levels in four years.Experts in the survey believed falls of 6 percentage points were yet to come this year for the two biggest capitals — Sydney and Melbourne — on top of the already 11.1 per cent fall Sydney has seen since July 2017 and 7.2 per cent drop Melbourne has had since November 2017.Brisbane prices was expected to fare best of the five, retreating -1 per cent (-$5,600 to $554,400) by year end, followed by Darwin -1.3 per cent (-$6,370 to $483,630) and Perth -2.9 per cent (-$14,935 to $500,065), according to finder.com.au’s insights manager Grahame Cooke. Adelaide and Hobart meanwhile were expected to continue to see growth. FOLLOW SOPHIE FOSTER ON FACEBOOK Experts believe the median house price in Sydney will drop -6.3 per cent this year.
NORTH PLATTE, Neb. – The United Rebel Sprint Series will make the trek to the Cornhusker State this weekend as the third race of the Myers Racing Engines National Points Championship kicks off the weekend Saturday at Lincoln County Raceway in North Platte and a Sunday trip to the lightning fast Dawson County Speedway in Lexington for a regional show.Look for many Sprint Series of Nebraska drivers to bolster the fields for both races as it is an opportunity to pick up valuable URSS/IMCA RaceSaver points as well. With the recent rescheduling of the Valentine Speedway show to Aug. 20 in Glen Rock, Wyo., look for some of the Colorado Region drivers to run for national and regional points as well.So far out of the 13 races run, 10 different drivers have made their way to victory lane. Only two drivers have multiple wins, Luke Cranston with three and Zach Blurton with two. The parity the series has enjoyed over the last few seasons is once again its biggest drawing card. The intent was to create a balanced field and it has proven to be just that.Saturday’s Ron Williams/Dick (Snoose) Myers Memorial at North Platte was originally scheduled as a regional point race. But through the efforts of North Platte racer John Webster it blossomed into a stop on the national points schedule. The race will pay $1,500 to win with increased payouts throughout the field. Also, numerous contingency awards will be given out to the racers at the event to make it a race to attend.Sunday night, the Rebels return to Lexington to tackle the always racy Lexington Speedway. This track has been a driver’s favorite since the birth on the series. Look for McCook drivers Darren Berry and Nate Berry and last week’s Boothill Shootout winner Jason Martin, Jack Dover and other drivers from Nebraska to battle for bragging rights both nights.
Meet Dumi. Like so many of us, she’s had a long and difficult year, and the demands on her are ever increasing. Moreover, quality time with her partner, James, has been extremely difficult to come by. But with the festive season nearing, Dumi knows that a romantic day out is just what she needs to escape her everyday stresses and reignite the flame of their relationship.To help readers like Dumi and James create the perfect setting for their very own #Daycation love story, the sentimental (and always #SaferThanSafe) crew at Dunlop have asked us to put together a short list of romantic destinations in the City of Gold.A champagne breakfast at the Johannesburg Botanical GardenThe Rose Garden @ Johannesburg Botanical Garden. Image: NJR ZABeautiful gardens around the world have seen their fair share of first kisses, first loves, proposals, weddings, and many other blissful moments. In this regard, the Johannesburg Botanical Garden is no different, and it’s an ideal place for our couple to unpack a picnic basket and enjoy a relaxing champagne breakfast in simply gorgeous surrounds.A gentle trot through the plush hillsides of MuldersdriftThere’s no better way to explore our beautiful HighveldNext, we’d like to send our couple to the wonderfully green and expansive landscape of Muldersdrift. Whereas romantic horse-rides are usually pictured on a stretch of pristine beach, Gauteng’s gently rolling bushveld will certainly do the trick. If a guided tour on horseback doesn’t excite your imagination, the Hartbeespoort Dam and its much lauded Aerial Cableway are just a stone’s throw away.Hand-in-hand at the Top of AfricaThe night time view from the viewing deck. Image: Roger Gordan @flickr.comIncredible views of city skylines have long been considered an indispensable motif in romantic films. For our 3rd destination, Dumi and James have travelled into the heart of Jo’burg to experience the buzzing metropolis from an elevated perspective (and by fitting Dunlop tyres they arrived safe and sound). At 50 stories high, and towering above the cityscape below, the Carlton Centre’s glass-encased panoramic viewing deck is without peer on the African Continent. Dumi and James stand hand-in-hand, watching the sun set over an awe-inspiring African city.Dinner and a show – the Jozi wayImages: Adamina and CCFoodTravel @flickr.comIn the evening, our couple’s date night begins in earnest. Dumi and James are perfectly poised to enjoy a magical dinner and catch a movie in true Jozi style. The Maboneng Precinct is an absolute treat on a warm evening, and there are a variety of dazzlingly scrumptious dishes on offer – each of which would impress even the harshest of critics. At our last stop, we’re brought to the culturally vibrant Maboneng Bioscope. Loving the summer night, Dumi and James have opted for an open air screening, relaxing in each other’s arms under the city’s night sky after their best #Daycation yet. (Go ahead James – it’s definitely time for that kiss!)Be safe on your Jo’burg #DaycationWhat are your romantic #Daycation ideas? Wherever they may take you, be #SaferThanSafe on the roads these holidays with Dunlop’s Red Hot Rubber Sale. Alternatively, Request an Online Quote or visit your nearest Dunlop Zone.