Ray White Blog

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In its first meeting of the year, the Reserve Bank has kept interest rates on hold today.

Many economists had bet the Reserve Bank would cut rates by 0.25 per cent due to worries about the economic situation in Europe. However, rates will remain at 4.25 per cent.

"Today's decision leaves the gate open for the Reserve Bank to cut rates should the situation in Europe sour," says Domain property expert Carolyn Boyd. The move follows back-to-back rate cuts in November and December last year.

Each 0.25 per cent drop in interest rates slices about $60 off the monthly interest cost of an average Australian mortgage.
Boyd says although rates have remained on hold today, mortgage holders might still be able to win themselves a rate cut by shopping around for a better deal from lenders. Some lenders are offering more than 0.9 per cent off their standard variable rate for borrowers who ask.

"Keep in mind what it might cost you to switch though," Boyd says. "While borrowers with new loans may no longer be liable for early exit fees (also called delayed establishment fees), people who took out their loan before July 1 last year could still be charged an exit fee by their lender. The ban on exit fees only applies to loans taken out since July 1, 2011. There are also other costs associated with refinancing such as government charges to discharge and register a mortgage."

However, securing a cheaper rate cut from another institution may mean you can recoup the amount you have to spend to refinance quite quickly, or you may be able to use the cheaper offer to negotiate a better deal with your existing lender.

Source: Domain.com.au

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Imagine winning the lottery during the Great Depression. What would you do? Elizabeth Stirton bought herself a boat ride to the Maroubra Cup and a semi in Maroubra. It was 1934.

Eighty-eight years later, the property is changing hands. One of Elizabeth's seven children, Betty lived in the property until her death at 84 last year. Betty's brother Mark said while it was sad, the house should belong to a young family again.

"I'd like to see a nice family or a couple with children move in," he said. "It's got ready access to schools, and to the Junction."

When Mrs Sturton passed away many of her neighbours attended her funeral. "She was very well liked in the street," Mr Stirton said. It's a sign of the close-knit community in Wise Street, which is just a minute's walk from Maroubra Junction.

Mr Stirton said all of his siblings loved the Maroubra area, and lived there for a long time. In fact, Mr Stirton used to live across the street from his childhood home. "All of us just got used to living in this area. I virtually lived at the surf," he said.

After graduating from Maroubra Junction School, three of the Stirton children made names for themselves in the police force. Betty Stirton was the first female to serve in the Commonwealth Police Force, and rose through the ranks to head up the crime squad.

The two-bedroom home is in original condition, complete with a floor-to-ceiling rainforest artwork in the living room. And while renovation is in order, buyers will love the immaculate garden, where years of care have produced an enviable rose garden.

The property will be auctioned on Wednesday, February 22, at 6.30pm.
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