March 18, 2015
In February, the Reserve Bank of Australia cut the official cash rate to a 60 year low and interest rates dropped along with it. Economists remain divided over whether or not rates will fall further.
The trouble is, interest rate predictions are always wobbly at best. This was highlighted when an unexpected fall in unemployment figures in early January prompted many economists to revise their forecasts of lower rates.
While interest rate movements are unpredictable, there are simple but important steps borrowers can take to manage these fluctuations in interest rates.
A sensible starting point is to contact us for a review of your current home loan.
A quick Home Loan Health Check can help you to reassess your financial position and determine what strategies and interest rates are available to you and how these can benefit your current and future property plans. It also can help you to ensure all strategies for minimising interest payable, and hence assisting you to pay your home off sooner, are being utilised.
The main point is that by taking action now, you can rest assured that you have charted the course that is right for your circumstances – regardless of what happens to market interest rates.