Keeping your finger on the pulse during a pandemic
The Coronavirus recession has left almost two million Australians in mortgage stress and as the country continues to battle through one of the most tumultuous years in recent history, Aussies are actively looking for ways to trim the fat and cut down on their household expenses.
One area many are looking at is the home loan market, which opens up a window of opportunity for mortgagors to refinance their loans, especially since the RBA slashed interest rates to an all-time low of just 0.25 per cent in March 2020, with major lenders’ interest rates also hitting historic lows.
According to ABS figures, some 33,712 Australians refinanced a record $15 billion worth of mortgages in the month of May, some even managing to switch to a home loan with an interest rate below two per cent.
Here are some considerations when thinking about ways to save on your home loan:
Weigh up the benefits of Variable (where lenders may increase or decrease the interest rate attached to the loan) versus Fixed (where your interest rate is locked in for a certain period of time) home loans
We can check out your current home loan provider’s main competitors and their current interest rates, fees, charges and cashback offers – there may be leverage to secure a better rate
Talk to your lender for further information on the market and see if there are any COVID exemptions that they are currently offering
Whether you are looking at fixing your home loan interest rate, changing lenders to find a better deal, or just in need of general advice, talk to us today. Call us on 8095 6242.
