May 15, 2014
When is the right time to lock in a fixed rate?
? Interest rates are currently at a record low and now would seem to be the ideal time to fix your mortgage.
? Before locking in, consider features such as redraw and offset accounts.
? It is also crucial to consider your personal plans prior to fixing. If you are thinking of selling and moving in the next 3 years, it is unwise to lock into a 5 year fixed term - considerable break charges can apply.
? We have many lenders offering great rates. A stand out is Credit Union Australia currently offering 1,2 and 3 year fixed rates at 4.89% (Comparison Rate 5.31%), with redraw, full 100% offset account with unlimited extra repayments during the fixed period.
Call me Michael Wren to discuss your personal circumstances on 03 9813 3522.