In recent weeks, we have seen the banks responding to the dropping of rates by the Reserve Bank. Many banks have dropped their rates and we are seeing some very enticing fixed and variable rates coming in from the smaller banks.
Westpac responded to this by announcing a 2 year fixed rate of 3.86% and Suncorp has come back with a 2 year fixed rate of 3.74%. These two announcements are just a sample of the jockeying for market share that the banks are vying for.
Though most banks announce their variable rate drops to their clients, they do not always announce what other products or discounts might be available.
This is the best time to approach your broker who will be able to compare all of the offerings and products to find one that can save you money.
In many cases borrowers are opting to continue making the same payment through this low interest time. This is allowing them to pay off their home loan sooner. Thus achieving their goals sooner
It is always reassuring to know that you are not paying more than you have to and that your goal of being debt free is just that little bit closer.
If you would like to review your property finances, please call me on 07 3391 8275 or email.
4th June 2016