Interest rates! They’re the talk of the town right now.
We can get fixed rates for owner occupiers below 2% which is absolutely unheard of in Australia. Never before has money been so cheap in this country.
But what does this mean for you?
If you have a home loan you should seriously consider re-financing. Talk to your broker (or me) about your circumstances and plans for the next couple of years.
Re-financing could allow you to do a couple of things:
- Reduce your monthly repayments to free up some cashflow
- Reduce the term of your loan
- Allow you to consolidate other debt that has a higher interest rate (like credit cards)
- Increase your loan amount to cover those renovations you’ve been planning on
- Allow you to release some equity in your home to buy an investment property.
This really is a time to have a good, hard think about how you can make the most of these rates.
Have a chat with your financial planner or mortgage broker to figure out what’s going to work best with your own financial plan.
If you don’t have a home loan but are hoping to buy your first home soon, get cracking with your saving and make it happen sooner rather than later.
Have you thought about how you can make these historically low rates work for you?
#buythathouse #mortgagebroker #firsthomebuyer #refinance