Today the reserve bank announced a further 0.25% cut in interest rates.
On a loan of $350,000 that represents a savings in interest of close to $73 per month.
So how can you benefit:
• It might be a good time to consolidate your personal debts at a lower home loan rate.
• If you maintain your loan repayments at the same level you will shorten the loan term (saving over 2 years of loan repayments on a $350,000 loan at 5%).
• Perhaps you could increase your borrowing for investment
• Revisit upgrading your home. Home loans are at record lows for Australia and you have the opportunity to fix for up to 5 years under 5%. It certainly makes budgeting easier.
• Take the opportunity to see if you really have the best rate.
Give me or the office a call to arrange a time to meet with me and discuss your plans or home loan.
This could be part of making 2015 your best year ever!
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