Rate Watch
October 2022 Mortgage & Property Update: Cash Rate 2.60%
Rate rises continued into October as borrowers adapted to tighter credit assessment.
31/10/2022 • Chorus Finance
October 2022 rate watch: The policy rate moved up by 0.25 percentage points to 2.60%.
Borrowers and brokers adjusted to the new normal: tighter credit assessment, stronger evidence requirements, and less room for optimistic assumptions.
Broker takeaway: Clear evidence packs and realistic timelines reduced rework and improved lender response quality.
Source: Reserve Bank of Australia cash rate target, as at the end of the month.
This article is general information only and does not constitute personal financial advice.
About the author
Chorus Finance
Chorus Finance is a Brisbane mortgage broking practice. The founder holds an MBA in Finance and has worked in mortgage broking since 2020. The practice helps Brisbane borrowers, including first home buyers, refinancers, and people with self-employed income, understand their home-loan options.
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