New year, new you? Well, certainly not new interest rates – the first Reserve Bank meeting for 2017 saw a resounding ‘hold’, with rates remaining at the record low of 1.5%, as predicted by all 14 economists surveyed.
But there’s a lot that can change for motivated mortgage holders. Like consolidating debt. Refinancing your mortgage and rolling other debts into those regular payments may be a great option if you’re looking to make your monthly outgoings more manageable.
Different types of Interest Rates
Chasing new years deals on mortgage is a no-brainer as well. The Australian Securities and Investment Commission (ASIC) says in their ‘Moneysmart’ newsletter that there are different types of interest rates available via a huge range of lenders – and even the smallest change can make a huge difference to what you pay over the life of your mortgage.
Now is a great time to evaluate your options for your current financial situation and bed it down. As always, your mortgage broker is here to help you navigate through the many choices you have and push for the deal that best suits your needs.