When the Reserve Bank met for the first time in 2015 on the 3rd February 2015, they made a bold move and reduced the official cash rate by 0.25%. This means that the official cash rate in Australia now sits at 2.25%.
This is GREAT news for home owners. The competition within the mortgage market is already fierce and low rates add another level to this market. So how can you benefit from this recent rate cut?
Talk to us!
As your local mortgage broker, we know how important it is that you are getting the best deal on your current home loan. Even if you reviewed your mortgage 6 months ago, we would strongly recommend you contact us for another review.
What does a review entail?
Firstly, booking a review of your borrowings will cost you nothing more than a little time. We will do all the hard work for you. Our role as your mortgage broker is to assess all of your lending and look at your current mortgage to ensure you are getting the best deal.
We will examine a number of components in your mortgage including the interest rate, fees and charges, flexibility, and other benefits such as other accounts and credit cards. Once we have undertaken this review, we will present all of the findings to you.
In some cases, it may be that your current mortgage is offering the best deal. Or we may be able to go back to your current lender and negotiate a lower rate or package for you. Do not think that a review means you will have to switch.
The purpose of a review is to give you confidence. We want to you know with 100% certainty that you are getting the best deal around, given the current competitive market combined with record low interest rates.
Why not review your other debt
With interest rates so low, now is the time to review all of your debt. You can go back to the original lender and discuss your existing debt. Here are some of the borrowing you may be able to negotiate a better rate on:
- Personal loans
- Car loans
- Credit Cards
- Store cards
- Line of credit
- Overdraft
Remember, it never hurts to ask the question about lower rates. If your debt is a fixed rate loan, it will be hard to obtain a change but other borrowings can be more easily negotiated.