Last week, the Reserve Bank decided to keep interest rates on hold. The official cash rate is currently sitting at 2.75%. This means that interest rates at their lowest level in more than five decades. Currently, Australia has low inflation, low growth in borrowing, restrained wages and a strong dollar.
Low interest rates are a good thing from the consumer’s perspective. The retail lending environment is extremely competitive at the moment with many lenders scrambling to offer a variety of packages and deals that offer not only great interest rates but other products and services. This competitive climate combined with low interest rates make it a great time to review your current position.
I recommend that clients should review their mortgage every 2-3 years to ensure they are still getting the best deal as well as assessing that their mortgage is still suited to their situation. By requesting an assessment of your mortgage, you are in no way obliged to make any changes. However, you will know whether or not you are getting the best deal, if you can save money by changing and how much you can save. With interest rates at record low rates, now is certainly the time to consider a review.
Undertaking a review of your current financial situation is extremely simple – you have to let us know that you would like this done and we will do all the work for you. In many cases, this can be done over the phone initially. Once we have an understanding of your circumstances and your current borrowings, we proceed with a series of investigations that allow us to ascertain what mortgage will be right for you and if there is a better rate or deal that will save you money. We will always factor in costs such as breaking out of a fixed rate mortgage and providing you with a comparison of savings over time. This information will help you work out how much money you will save.
So why not let us find out how much money you can save today. Call our office on 9417 5550 to make an appointment with one of our friendly and professional brokers today.