Rates are moving. What are your options?
The last major Australian bank has just increased its rates putting its owner occupiers on principal and interest up 0.12% and interest only rates up 0.16%.
Now is the time to dust off your loan contract and have a good look. Is it time to refinance? Refinancing means replacing an existing loan with a better looking one that really suits your needs. This is where we come in. Some features that I look at include:
- a lower rate = lower repayments
- the current fees on your loan
- is the loan meeting your financial needs eg. do you need to redraw money easily from your loan? You may need an offset account.
The other big one at the moment is whether to go with a fixed or variable rate. With so many changes and speculation on what the RBA will do, start thinking if you’re really prepared if rates rise further.
Fighting over 45 banks and lenders for a more competitive deal for you is what we do best. So let us get to work! Get in contact today.