With Valentine’s Day just around the corner, many Australians will take the time to review their relationships and make sure they are with the right person.
But while many of us will actively review our relationships on a regular basis and make sure we are not settling for second best, we don’t take the same proactive approach towards our finances, in particular our mortgages.
According to Mortgage Choice’s recent Happy As Index, less than 50 per cent of those with a mortgage plan to review their home loan this year.
Given that many of Australia’s lenders have recently cut their rates to 60 year lows, now really is the perfect time for those with a mortgage to review their situation and make sure they are still in the right product for their needs.
After the Reserve Bank announced it would cut the official cash rate by 25 basis points last week, many of Australia’s largest lenders were quick to follow suit, trimming 0.25 per cent from their respective standard variable rates. But while many were happy to pass on the full rate cut, some lenders went even further, trimming more than 25 basis points from their standard variable rates. This act shows just how hungryAustralia’s lenders are for business.
With that in mind, it makes sense for borrowers, especially those who have been in the same mortgage for the past few years, to review their home loan.
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