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What’s happening with home loans and interest rates in 2024-2025?
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Are you wondering whether it’s a good time to take out a large home loan to renovate or buy a house?
In today's episode, I talk to a mortgage broker, and you'll learn what's happening with home loans and interest rates in 2024 and 2025. You'll also learn about current housing demand in southeast Queensland and which banks will support the environment to help you make the right decisions.
I'll talk to highly respected mortgage broker Richard Jefferies from Newbridge Home Loans in Brisbane.
KEY POINTS SUMMARY
To conclude today, I want to draw your attention to three main points.
1. Richard forecast that interest rates would remain fairly stable over the next twelve months.
2. There's a high demand for more houses all over Australia, coupled with a shortage of available houses. Southeast Queensland alone has a shortage of about 14,000 homes a year, and this demand is pushing up house prices with no sign of stopping.
Brisbane's long-term average medium house price growth rate is around 6 - 8%. And this means two things:
- House prices are rising steadily. If you're a first-time home buyer in southeast Queensland, get into the market before it becomes even more unaffordable.
- It also means that property in southeast Queensland is very desirable for investors.
3. If you are looking for a bank that supports the environment, there are a few around. Richard mentioned a great website listing banks that don't invest in fossil fuels. Here is the link:
Compare Bank Table - Market Forces
INTERVIEW QUESTIONS
00:45 What's happening in the current finance market about borrowing money?
02:27 In your experience, what changes have you seen over the last few years in the size of mortgages people have taken out?
04:11 How does Brisbane relate to the other capital cities around Australia?
06:31 Where do you see borrowing going in the next twelve months?
07:35 How are environmental features valued by the banks?
10:07 Are any banks doing anything for the environment?
WANT TO READ MORE?
Download the written version of the entire interview as a PDF.
S1:E8 - Home Loans & Interest Rates -Transcript
Looking for more information on design, construction costs or environment?
You can find everything you need on the Renovation Collaborative website.
- Listen to the full podcast or get the transcript PDF edited into Q & A.
- If you're short on time, sign up for the Weekly Wrap Newsletter and get the concise podcast summary delivered straight to your inbox.
- You'll also find 11 easy-to-read courses demystifying the entire home design and construction process.
www.renovationcollaborative.com.au
IN THE NEXT EPISODE
Next week, in the final episode of Season 1. Renovate or Sell, I speak to a financial advisor. You'll get another opinion about the finance market and some ideas to help you work out the right amount to borrow. Plus, I'll ask Tim Ward from Ward and Co Wealth how much is too much to borrow in 2024-2025.
RESOURCE LINKS
Richard Jefferies, Newbridge Home Loans
Find a Bank that supports the environment
Compare Bank Table - Market Forces
CONTINUING PROFESSIONAL DEVELOPMENT (CPD)
Australian Architects can claim formal CPD hours for listening to the podcasts.
www.renovationcollaborative.com.au/continuing-professional-development/
GET IN TOUCH
The podcasts are about finding answers to your questions. We would love to hear from you if you have any questions, ideas, or feedback.
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