Latest news with #mortgageRelief
News.com.au
08-07-2025
- Business
- News.com.au
‘Case not established': Shock blow as RBA keeps rates on hold in July meeting
Australian households will have to wait a little longer for more mortgage relief, with slowing inflation and weak retail sales not enough to sway the central bank that the fight against cost of living is over. A cautious RBA has held the official cash rate at 3.85 per cent following its July meeting, with the shock move defying expert commentators and the money markets predictions. Prior to Tuesday's announcement, the money market had placed a 92 per cent chance on a rate cut off the back of weaker than expected economic data. Mortgage holders will now have to wait until August at the earliest to get further interest rate relief. Tuesday's annoucement follows a rate cut in May, with the central bank opting against back-to-back movements in the official cash rate. Ahead of the announcement, Betashare chief economist David Bassanese said the 'case for a rate cut had not been established.' 'Although May trimmed mean annual inflation dropped to 2.4 per cent, this followed a solid 2.8 per cent gain in April - and there's every risk it could bounce back again in the more comprehensive and reliable June quarter CPI report later this month,' he said. 'Prudence suggests the RBA should and would await confirmation of lower inflation in the quarterly CPI report before cutting again in August - despite the market pricing a rate cut next week with near certainty.' But he conceded last Wednesday's retail data gave the RBA a yellow light when it comes to making a rate call. 'Accordingly, although retail sales rose a weaker than expected 0.2 per cent in May, it does not necessarily give the green light to the RBA to cut interest rates next week,' he said.
The Guardian
08-07-2025
- Business
- The Guardian
RBA interest rates: Reserve Bank of Australia leaves cash rate on hold at 3.85%
The Reserve Bank of Australia has held rates at 3.85%, in a surprise decision that denies further mortgage relief for millions of Australian households. The decision will come as a shock to financial markets and a large majority of experts who were sure the RBA board would cut interest rates for a second straight meeting. Weak growth at the start of the year, inflation at 2.1%, and serious worries about the impact of Donald Trump's trade war on the global economy were all cited as reasons for a third rate cut of 2025. Attention now turns to the RBA governor Michele Bullock's press conference at 3.30pm. More details soon …
CBS News
05-06-2025
- Business
- CBS News
New state initiative provides $100 million in mortgage relief to Southern California homeowners who lost homes during wildfires
A new state initiative will provide $100 million in mortgage relief to Southern California homeowners who lost their homes during the Eaton and Palisades fires. The CalAssist Mortgage Fund, administered by the California Housing Finance Agency, was announced at a news conference Thursday morning. The fund is designed specifically for people who lost their homes or whose homes were left uninhabitable due to the recent disasters between January 2023 and January 2025. CalHFA said the Eaton and Palisades fires destroyed more than 6,300 homes and caused millions of dollars' worth of damage to over 1,500 structures, including businesses. The fund will provide eligible homeowners with grants up to $20,000. "It's a beacon of hope, something I know many in this area are looking for," LA County Supervisor Kathryn Barger said. "It offers timely, meaningful relief and a path forward for those struggling to get on their footing." The CalHFA said applications will be reviewed in the order they are submitted, and funds will only be available until they are exhausted. The applications will open on June 12 and the program is free. Homeowners do not need to repay their grants. Any grants given to a homeowner will go straight to the mortgage servicer. "You can be using this grant of funds in combination with other assistance funds that you have received since the disaster or will be receiving," said Rebecca Franklin, chief deputy director of CalHFA. Eligibility criteria include: The applicants' primary residence was destroyed or became uninhabitable due to a qualified disaster from Jan. 1, 2023, through Jan. 8, 2025 The applicant meets the program income limits The applicant has a mortgage or a reverse mortgage The applicant owns a single-family home, condo, or permanently affixed manufactured home "This program is part of CalHFA's overall plan to help Californians rebuild their homes with the least amount of pain as possible," CalHFA said. More information about the CalAssist Mortgage Fund can be found using this link.
