Interest rates are currently at an unprecedented low, however, predictions of a return to higher interest rates sooner rather then later is heating up.
In October, the shadow board of the reserve bank sees the probability for a rate rise within six months at 73 percent (1).
Lenders on our panel are currently offering extremely compeditive fixed interest rates and it presents an opportunity for our clients to stay ahead of the markets.
One non - Bank lender on our panel as of the 8th of October 2017 is offering a 3 years fixed interest rate of 3.69% (Comparison rate 3.69%). If you haven't reviewed your interest rate in a number of years then this presents a huge opportunity to potentially save thousands of dollars in interest and accellerate becoming in control and owning your home loan.
Not all fixed rate home loans are created equally, we often ask our clients to consider the following:
1. What are your plans for the future? Do you plan to sell and upgrade? Will a fixed interest rate lead to large exit and break costs?
2. Do you regularly make extra repayments and would you like access to these funds in the future?
3. Can you benefit from an offset account?
4. Should you split your loan and have the piece of mind of fixed interest rates whilst having the flexibility of a variable portion that suits your immediate needs?
5. Do you plan on purchasing an investment property in the near future? Will a fixed rate home loan restrict you in releaseing equity to be able to purchase in the future.
6. Are high interest, unsecured debts making it dificult for you to pay off your home loan? Are you better off consolidating these into your mortgage?
Whatever your situation, our award winning team at Mortgage Choice in Nowra can provide a personalised approach and set up a credit facility that will allow you to achieve your short and long term goals. Book an appointment online from our home page, or contact the office on 02 4422 4062 for further information.