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MORTGAGEES and would-be homeowners can look forward to more rate cuts this week after the housing market slumped yesterday.
Westpac, the Commonwealth Bank and NAB are set to follow ANZ in cutting interest rates by 0.25 per cent ahead of a Melbourne Cup Day Reserve Bank meeting that is expected to bring yet another cut.
Victoria's housing market clearance rate plunged to 57 per cent yesterday -- down 6 per cent on last weekend and down about a third from 82 per cent at the same time last year.
Despite the bleak news, ahead of a big weekend of auctions next week, real estate agents said they were confident the market was strong and would bounce back quickly with the help of bold rate cuts and the Rudd Government incentives.
Tim Fletcher, from Fletcher's Real Estate, said the market would remain strong despite any world pressures.
"People are taking their money and putting it into property. It feels safer than investments at the moment, so you're not going to see a drop in house prices," he said.
The Government has also not ruled out $10 billion in tax cuts ahead of next June's Budget.
In an exclusive interview with the Sunday Herald Sun, Federal Finance Minister Lindsay Tanner said the tax cuts promised for next year could be brought forward if the global financial crisis continued to worsen.
First-home buyers were given another boost yesterday, when Aussie Home Loans announced they would be eligible for a special home loan rate of 6.79 per cent.
The possible Government move to inject more money into the economy comes on top of the Federal Government's $10.4 billion stimulus package announced on Tuesday.
"We are in unprecedented circumstances here, so it would be wrong to rule out any conceivable initiative," Mr Tanner said after the tax cut option was put to him.
"In the circumstances we face, we have to keep the options open in the interests of the nation's economy."
ANZ set the marker for the latest round of rates relief on Friday night when it announced it was cutting its standard variable mortgage rate by 0.25 per cent to 8.32 per cent.
The Commonwealth is keen not to be undercut.
"We are determined to remain competitive," a spokesman said.
NAB and the CBA hinted yesterday they expected to cut rates by the same amount this week, while Westpac said its rates were also likely to come down.
Bendigo Bank and Aussie Home Loans said they expected their standard variable mortgage rates to drop as well.
Source: http://www.news.com.au/heraldsun/