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

  • Important Updates to Queensland Rental Legislation

    You may have heard, there are new rental laws for Queensland that have been passed under residential tenancy legislation (RTRA Act). The rental law reforms were passed by Queensland Parliament and will commence in two stages. There are some laws that commenced upon assent on 6 June 2024 and others … Read more

    Read Full Post

  • Gavel came down hard on Sunshine Coast

    Ray White Maroochydore’s inaugural auction event held at The Altitude Nine Function Centre marked a significant achievement in the local real estate market, drawing an impressive gathering of more than 150 people plus almost 400 online market watchers. Demonstrating the strength of the property market, the event booked an outstanding … Read more

    Read Full Post