Hi and welcome to the last Dominion Finance newsletter for 2023.
Just a quick one as the year draws to a close. We wanted to take a moment to thank you for your continued support. We are incredibly grateful for the opportunity to work with you and help you achieve your financial goals.
This has been another big year for Dominion Finance and our clients. Each year we continue to grow and support more clients purchase their home or investment property. As of November 2023, more than 72% of all home loans and investment loans are now arranged by mortgage brokers. It shows the difference when you have a trusted advisor who works for the clients not the bank shareholders
This is a testament to the value that mortgage brokers bring to the table. We can help you navigate the complex world of mortgages and find the best deal for your needs.
This year also saw the Dominion Finance office move into the City after many years in Forrest. Our new office located on Level 1, 221 London Crt, is newly refurbished and is such a delight to work in each day.
Looking forward to the new year we intend to commence offering car loans, leasing and asset finance. One of our team has come from a car finance background and with this experience can assist you with these exciting opportunities. We genuinely look forward to providing our clients with a wider range of financial services.
For the Christmas period Dominion Finance will be closed from 22 December 2023 returning 8 January 2024. During this period, we will still be available on emails if required.
We would like to thank you for your continued support. We look forward to helping you achieve your financial goals in the year ahead.
This December the Board decided to leave the cash rate target unchanged at 4.35 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.25 per cent.
Last month, the Board increased interest rates by 25 basis points, following a period of four months where it had held interest rates steady. This decision reflected the Board’s view that progress in bringing inflation back to the target range of 2 to 3 per cent was looking slower than earlier forecast. While the economy has been experiencing a period of below-trend growth, it was stronger than expected over the first half of the year. Underlying inflation was higher than expected at the time of the August forecasts, including across a broad range of services. Conditions in the labour market had eased but remained tight. Housing prices were continuing to rise across the country as was the number of new mortgages. Given this, the Board judged that the risk of inflation remaining higher for longer had risen and an increase in interest rates was therefore warranted to be more assured that inflation would return to target in a reasonable timeframe.
The information provided in this newsletter is general in nature and does not take into account your personal circumstances, needs, objectives or financial situation. This information does not constitute financial advice. Before acting on any information in this newsletter, you should consider its appropriateness in relation to your personal situation.