There are 1, 2 and 3 year fixed interest rates currently advertised in the market at 6.25% p.a. and even some ‘specials’ at 5.99% p.a. for one year. A typical variable home loan rate set a year ago will be 7% p.a. or more and now can be as low as 6.8% p.a. which equates to a 1% plus discount from standard variable home loan rates.
You can wait for the RBA to move to cut rates as is tipped for Melbourne Cup Day and the Banks to pass on rates in due course or talk to us about fixed rate options for refinancing your home loan. With 20 years experience in the industry, as your mortgage broker, we can compare home loans and do all the work for you to get you a better deal and reduce your home loan repayments.
Depending on your circumstances you need to take care to ensure you have an offset account working so do not fix all your loan. If you do not have an offset then all the more reason to talk to us because they are an essential debt management tool.
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