Are You Overpaying On Your Home Loan?
A Quick Review Could Save You Thousands
Interest rates are unlikely to remain at record lows forever. In fact, there hasn’t been a change in interest rates since August 2016 when the RBA cut rates to the historic low of 1.50%. Many experts are predicting a rate rise from the RBA either at the end of this year, or at some point in 2018.
Although the cash rate is on hold for now, several lenders have already begun to increase their home loan rates over recent months with the trend at the moment being for lenders to lift rates on interest only repayment loans primarily.
Does Your Home Loan Interest Rate Begin With A “3”?
Home loan customers should be paying an interest rate with a ‘3’ in front or it is likely that they are paying too much. As media rhetoric continues to gain momentum, many private investors and home owners are deciding to restructure loans to take advantage of this continuing positive borrower environment while it lasts.
While home loan rates remain at record low levels, now may be the right time to review your current mortgage and realise potential savings while better understand the current equity you now have in your home. You may also want to consider your options for additional borrowing for a second property either on your own or with other family members.
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Understanding the fine details of the many home loan options out there is often confusing and complicated. HomeLoanReport.com.au makes the process of gathering and understanding the information easy for you. You will receive a report with borrowing capacity, estimated loan repayments, and more, as well as a chance to chat with a home loan professional to discuss your requirements. All of this is absolutely FREE. Request your home loan report today for the chance to potentially save thousands on your home loan.