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REIWA welcomes rate cut
Creagh Ferdinands, Wed 12 December 2012

President of the Real Estate Institute of Western Australia, Mr David Airey, said yesterday's interest rate cut by the Reserve Bank was unexpected good news for mortgage holders.

“This will be very welcome by those already paying off a home and hopefully might give some extra incentive to those thinking about buying.”

However, Mr Airey said that consumer confidence was the biggest thing holding people back from the property market and that access to loans was not really the issue.

“One of the biggest issues in economic recovery is the high interest rates paid by small businesses for borrowings, which are usually 2 or 3 per cent above the housing loan rate.

“Stimulating the small business sector would be great at helping with jobs, investment and consumer confidence, all of which would be much more helpful to the housing sector than a modest drop in home loan rates on thier own,” Mr Airey said.

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