The RBA has reduced the cash rate to an all time low of 1.50% – so what does this mean for you? How does this affect you and how could you potentially save thousands? With interest rates being at a record low, now is the best time to have a Mortgage Broker shop your home or investment loans around. There are a lot of banks who are offering extremely competitive interest rates and some who are even offering you a rebate to refinance your mortgage to them.
Having your home loan reviewed is a quick and easy process and can ensure that you are not only getting a competitive interest rate but that you still have the best product to suit your needs. A loan review doesn’t have to be a refinance either – sometimes you can remain with your current home loan provider and restructure if need be. The benefit of using a Mortgage Broker is that we have the ability to negotiate with multiple lenders, and potentially provide you with a more competitive product that could save you thousands.
Other reasons to consider if you are looking at refinancing:
- An interest rate difference of 0.25% on a $300,000 mortgage can save you about $50 per month! That’s a saving of $18,000 over the life of the loan.
- A rate reduction may mean you can pay extra off your home loan each month and reduce the term of your loan.
- You may be in a position to expand your property portfolio or even buy your first investment property.
- Your financial position and goals may have changed and there are products that will help you achieve those new goals.
- Most importantly, a review of your home loan is FREE!
We can complete the review over the phone or via email, alternatively we can come to you, at a time that suits you! Call us on (08) 8431 7444 to get the review process started.