It’s that time of the year – the weather warms, the flowers blossom and the beaches fill up. But as some things change, others remain the same – like the official cash rate. The board members of the RBA have once again decided to keep interest rates at the record low of 1.5%.
However, that’s no reason for you not to leap into action – after all, spring is a time of renewal. For example – when was the last time you re-looked at your home loan?
There’s a lot of competition between lenders – and there are many more options for mortgage holders than the big banks. It’s never a bad idea to see if you can get a better deal. Of course, your current lender won’t want to lose your business, so now is the time to get a ‘home loan health check’.
Refinance for Better Interest Rates
Refinancing your biggest asset has many advantages. You may be considering a renovation, or investing in another property. Perhaps you need funds to pay for a child’s education. Rather than seeking another loan, it’s prudent to take advantage of your current one.
If you have a number of debts on higher interest rates, like credit cards, consolidating your debts will allow those higher interest debts to being rolled into your home loan, so they would be covered by a lower interest rate.
But remember, it’s not as easy as simply switching banks to obtain a lower interest rate – it’s a complex issue that needs careful consideration. However, if you do it right, you could save a bundle.
Over the years, we’ve helped countless clients find a better mortgage deal and lower their interest rates. So if you haven’t looked at your current mortgage in years, now’s the time to give us a call – we’re here to help.