Raymond Terrace Mortgage Broker Lauren Murphy looks at ways you can take advantage of record low interest rates.
Now is the time to consider refinancing. You may have been loyal to your lender for years but is that loyalty costing you? An experienced mortgage broker will be able to provide you with a cost comparison showing you the potential benefits of switching to a new lender.
Pay more than required
If you have a little extra cash per week even if it is only $20 pay this off your home loan. It may seem a minimal amount but over time this can save years and even thousands of your loan. If your interest rate has dropped, why not leave your repayments as is?. I have found over the years, that many people find it difficult to save and put away money each week, but when you are paying more of your mortgage people have more success with saving this way.
Grow your redraw facility
Extra repayments can also increase your redraw facility. Redraw is the amount you have available in advance if your actual repayments. This can be used in time to go towards renovations, new car, holiday or for a rainy day.
What if your rate is fixed
If your fixed rate is higher and is due to expire soon it may be time to look at breaking the fixed rate and refinancing into a variable rate loan. There will be some break costs fees involved but changing your loan may save you money over the term of your loan.
Purchasing an investment property
With the record low interest rates, this is a fantastic time to look at wealth creation strategies for example using the equity in your home to purchase an investment property.
Time to take action
Call Lauren Murphy on 0408 480 562 today to discuss the best options for you or call into our office at 2/199 Adelaide Street Raymond Terrace. We service the entire Hunter Valley – and can meet with you at a time and place that suits you.