Floor rate drops
And now Westpac is set to drop its plug rate for P&I loans to 5.05 per cent.
Via PropertyChat:
Source: Property Chat
The Budget also announced further places for low deposit first homebuyers, and income tax relief which will materially increase borrowing capacity (especially for dual income households).
All of these moves are tending to favour homebuyers wanting to pay down their debt rather than investors with existing interest-only debt.
