Sell with Confidence
Read More

You Better Shop Around

By Dan Sowden

Borrowers looking to counter the recent official interest rate rises should be aware that it’s currently possible to secure home loans with variable rates more than one per cent cheaper than the standard variable rates offered by some major lenders.

 With the Reserve Bank of Australia (RBA) expected to take official interest rates from their current level to around 5.0 per cent by the end of the year, home owners should be seeking the most competitive variable rate.

Did you know that a one per cent variance translates to more than $200 in monthly savings on a $350,000 loan at a 25 year term?

 For larger loan sizes, borrowers also have the option of negotiating a lower variable rate with their lender.

 Small lenders are providing increased competition to the major banks and this is benefitting consumers in a rising interest rate climate.

 It is also worth keeping in mind that while official interest rates are expected to stay on hold for the next few months, banks could raise home mortgage rates independently of any moves by the Reserve Bank of Australia (RBA).

 Problems facing European financial systems may result in higher funding costs for Australian banks, potentially leading to rate rises as some of the majors did last year.

 A mortgage broker is well placed to review the circumstances of your current home loan and determine whether you can get a better deal from your lender.

Source:  Loan Market – Sunshine Coast Mortgage Broker

Up to Date

Latest News

  • Young gun agent takes on the Gavel

    Auctions have always been the lifeblood of Australasia’s largest real estate group, and it was with this in mind that encouraged Sunshine Coast agent Sarah-Louise Anderson to become one of the region’s first female auctioneers. “Becoming an auctioneer for the Ray White Group has been a goal in the back … Read more

    Read Full Post

  • Teamwork makes the dream work at Ray White Maroochydore

    When it comes to case studies in real estate, often the sale price is the hero of the story. In this case however, it’s the team behind the $1.3million sale who are the true heroes. When the owners of 16 Chardonnay Court in Buderim were looking to sell their beloved … Read more

    Read Full Post