Interest rates are currently at a record low, so it’s a good time to review your home loan and also consider refinance options to ensure you have the most competitive loan for your needs.
In addition to the current rate cuts, several lenders are offering cash rebates to switch and refinance your loan with them!
Even a slight change in interest rates can make thousands of dollars of difference over the life of a home loan.
Take this example of a $500,000 home loan with principal and interest repayments over a 30 year loan term.
Lowering the interest rate by 1%, thanks to historically low rates, could result in a saving of almost $100,000 over the 30 year term. Even if you don’t have the loan for an entire 30 year term, you would still save $262.42 per month.
Additionally, interest rates for investment loans have also dropped dramatically – we have many clients enjoying positive cashflow on investment properties, even after borrowing 100% of the purchase cost.
Certainly something worth looking into!
If you’d like to consider your options further, we can work with you to review your current financial situation and find a solution tailored to your circumstances.