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Westpac has sharply revised its interest rate outlook, warning that a deeper energy shock from the Middle East conflict will force the Reserve Bank of Australia (RBA) into a more aggressive tightening cycle.

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The availability and price of fuel on top of rising interest rates will have a real impact on many mortgage holders budgets. This is particularly the case after a series of interest rate drops. The reasoning around this is that as mortgage repayments drop there is more money to spend in other areas. Thus discretionary spending increases. We should be clear about what we refer to with discretionary spending. Equifax is the Company that records your Credit score. It defines Discretionary spending as nonessential costs that are not required to keep your household or business running. The Government has different methods of assessing Australian's spending in various areas - for us in Finance we consider areas listed below should be reviewed to see if savings can be made:-

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The federal government program has ushered more than 300,000 Australians into the market, reshaping the entry‑level lending landscape while stoking concerns about rising debt loads. Housing Australia has confirmed that more than 300,000 Australians have now bought or built a home with support from the Australian government 5 per cent Deposit Scheme. Launched in early 2020 with a relatively small allocation of places, the scheme has evolved into a mainstream feature of the mortgage market.

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BCU have some great features aimed at helping clients that don't tick all the boxes of larger lenders. Some of these include 1 year Self Employed Financials (ABN 12 months) (unless income derived from Residential Construction industry, which requires 2 years completed Financials, 100% Family Tax A&B/Parenting Payments/Child Support – accepted to age 18, Private Child Support Agreements accepted, Probation allowed for FT or PT, Private Health Insurance included in general living expenses, 100% OT & Allowances for Essential Services Members, 100% Fixed Allowanced for all borrowers, No account keeping fees, no package or annual fees, No Limit on cash out – for PAYG applicants, LVR 95% including LMI, Accept guarantor OO & INV properties or TD.

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Westpac expects the Reserve Bank of Australia (RBA) to raise interest rates again in May, marking a dramatic reversal from expectations of rate cuts just six months ago. The bank's chief economist, Luci Ellis, outlined the forecast citing persistent inflation and stronger-than-expected demand growth as key factors driving the change in the monetary policy outlook.

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