If you’re considering buying a property but are concerned about rising interest rates, you’re not the only one.

A conveyancing solicitor or property lawyer like TY Lawyers in Chatswood can assist with your property paperwork and contract to ensure everything is right for you when proceeding with your property purchase.

We certainly can’t forget - we’ve had a couple of years now where the government has been handing out a lot of financial support during lockdowns – people who couldn’t work, people who got sick and many other initiatives which has all added to the current economic status of our country.

The RBA has been raising the cash rate this year resulting in increased interest rates, in an attempt to curb consumer spending.

In saying all of that, people still need a place to live.

So when you’re on your way to purchasing a property, don’t forget that all important relationship you’ll have with your conveyancing or property solicitor in Chatswood.

Contact our team at TY Lawyers Chatswood on (02) 8007 0135 or at mail@tylawyers.com.au.

What Do Higher Interest Rates Mean For Property and Prices?

For the first time since the pandemic, we’ve started to see a fall in property values this year.

It’s not clear yet whether it’s a seasonal slowdown or the start of a market correction, but one thing is for sure, the interest rate increase has certainly started to put a dent on the property market.

The increase in interest rates can dampen home buyers spirits leading to reduced demand and prices.

However, if you’re in the property market, it can be a good thing for you – less competition and lowering prices.

It’s also a timing thing – no one knows the bottom line on when prices have reached their lowest level - and you could risk either paying too much if you buy sooner. But on the other hand, you risk missing out completely if you wait too long and prices start to increase again.

Make sure to include your property lawyer in Chatswood in your property purchase decision so they can ensure the contract works in your best interests.

Back-to-Back Rate Hikes

As a home owner with a mortgage, now could be a time to consider refinancing if you’re not in the market for a new property purchase.

Home Owners Should Shop Around As Interest Rates Increase

Similar to the previous point, it’s also a good time to conduct a home loan health check to check you’re not paying too much as their might be another lender with a better deal.

You could save yourself some money.

Rising Living Expenses Too

Higher interest rates, higher fuel costs, higher food prices are all leading to reduced overall consumer confidence.

The stock market is also taking a battering, along with some cryptocurrencies tanking.

Although it does seem like a bit of a bumpy ride is ahead of us, it’s not too late to purchase a property or an investment property now, or in the coming months. As mentioned, there are some benefits from buying in a period where interest rates are rising.

As always, liaise with your property lawyer or conveyancing solicitor for any advice pertaining to the property sale contract and if you’re a first home buyer, TY Lawyers can also assist with the First Home Owner’s Grant.

Get in touch with us today to discuss your property or conveyancing requirements. One of our experienced legal professionals will get back to you as soon as possible.

Call TY Lawyers Chatswood on: (02) 8007 0135.