Have you got a mortgage? After 2 rate cuts, it’s time to review your home loan
Can you believe that we have had two rate cuts in the past few months? The RBA has reduced interest rates by 0.5% in this period, dropping the official cash rate to an historic low of just 1.00%. Here is the thing that many borrowers don't realise, however, not all lenders have passed on the full 0.5% decrease. If your lender has yet to pass on the savings to you, then now is the ideal time for a home loan review to make sure you are getting the best deal on the market. If you have a mortgage of $400,000 over 30 years, and you are currently paying 3.5% interest, your monthly repayments will be $1,796. However, the latest rate cuts mean you could be saving alot - a rate reduction of 0.5% would see your repayments drop by more than $100 to just $1,686 per month. Over the life of the loan, you will be saving around $40,000 in interest - all thanks to these two interest rate reductions. This is the perfect time to shop around for a better offer, and the best way to do this is with a trusted broker on your side. Everyone's situation is different, whether you are a PAYG employee or own your business, it can impact on your loan application, as can the number of children and spending habits. A broker can find you the perfect loan for you and your specific situation at a great interest rate, with all the inclusions and featured you need - saving you both time and money and keeping the whole process streamlined and stress-free. Give us a call on 1300 855 022 to discuss how we can help you find a fantastic home loan and keep your money in your pocket each month.
Comparison Rate calculated on a secured loan amount of $150,000 for a term of 25 years. WARNING: This Comparison Rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different Comparison Rate. Fees and Charges Apply. Terms and Conditions are available on request.