LOWEST INTEREST RATES EVER
SAVE MONEY NOW!!
Historically lowest interest rates from the RBA for the past 12 months have created intense competition from all Banks. Now is the time to check you loans and re-negotiate the interest rate you are currently paying.
Banks have a nominal advertised Standard Variable interest rate but will now negotiate 0.7% to 1.2% discounts off the Standard Variable rate depending on loan size and the strength of the Borrower.
You still need to find a loan that best suits your particular objectives, needs and be flexible as the lowest interest rate loan may be inflexible with hidden costs and charges for any changes. The best loan feature you need is a full Offset account to reduce interest costs.
Variable rates are flexible and great when interest rates fall but can be stressful and more expensive when interest rates increase.
Now is a great time to fix your interest rates for 3 years at 4.65% and for 5 years at 4.99%. The key to fixing interest rates is timing as you want to fix interest rates about 0.5% from the lowest variable interest rates as the market increases longer term interest rates before we hit the lowest variable rate.
Fixed interest rates give you better cashflow certainty and less debt stress when variable interest rates start to go up again. Banks often use fear to get you to fix interest rates just before the top of the interest rate cycle to lock in extra profits.
If you are uncertain, you can always split your loan into part fixed and part variable interest rates.
Contact your Mortgage Broker now to refinance or negotiate a better deal on your loans.