July 07, 2020
With interest rates being the lowest on record, it's never been cheaper to pay off a mortgage - lower interest rates generally mean lower home loan repayments.
Right now, savings matter, so making sure you secure a great rate on your loan is important - but it’s also equally important to make sure your loan meets your needs.
The interest rate on your home loan has the greatest impact on your monthly mortgage repayments and on the overall amount you pay back on your home loan. Comparing interest rates can seem like a complicated task.
Check out the lowest interest rates on the Mortgage Choice panel.
However, in the current environment, with interest rates at record lows, you could be entitled to more savings than you realise!
Not all rates are created equal.
Here are few considerations when it comes to interest rates:
- Do you need certainty? Low interest rates sound amazing, however it’s important to note that some of these low interest offerings come with a fixed term. So, you’ll need to consider whether a fixed loan or variable loan would suit you.
- Do you need flexibility? So, you’ve seen a home loan offer with a new, low interest rate - but does it have all the features you would need to suit how you want to repay your mortgage and organise your cash flow?
- Do you need accessibility? Your personal preferences matter when it comes to choosing a home loan provider. Consider how you want to use the bank or lender, for example are you a branch or internet banking kind of person?
In today’s environment - expert advice has never been more important
Our team at Mortgage Choice in Camberwell & Canterbury has up to date knowledge of what's available in the market and the benefits offered by different loan features. If you’re looking to snap up a better rate to lower your loan repayments or perhaps your situation has changed and you’re due for an overall home loan health check, contact us today!
Check out the lowest interest rates on the Mortgage Choice panel.
To take advantage of lower rates, book your free Home Loan Health Check by calling us on 03 9813 3522 or click on Contact Us.
Your local Boroondara team of mortgage brokers and finance experts in Camberwell, Canterbury, Glen Iris, Deepdene, Balwyn, Surrey Hills, Mont Albert & surrounds look forward to helping you!
