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Feb 12

Interest Rates Are Creeping Up – So Should I Stay or Should I Go?

The Reserve Bank of Australia (RBA) surprised many people on Tuesday by leaving interest rates on hold, contrary to what many financial experts (and therefore the general public) were expecting.

According to financial commentators, the reasons for this surprising decision include the fact that retail sales are dramatically down, inflation rates are comfortably under control, and to allow ‘wiggle room’ for the RBA to lower interest rates later on if the economic situation in Europe worsens over time.

Although the RBA has made the decision to leave rates on hold for now, this begs the question – “Can you still shop around for a better deal?”. And of course the answer is YES! And this is even more the case with the rate jumps that we have seen from the Big Four Banks in the past week.

The good news for borrowers is that in a shrinking home loan market, lenders are showing increasing flexibility in order to hang onto, or secure your home loan business.

There are amazing deals to be found in the current market. We always advise our clients to review their home loan at least every two years, as lenders are always coming out with new loan products and offers, but this is even more the case in the current climate.

And don’t feel that you need to limit your thinking to the ‘Big Four Banks’ either. On the contrary, there are some significantly lower rates being offered by smaller lenders right now, who don’t have the same ‘P.R. Machine’ to fund as the big guys.

Refinancing to a loan at just 0.50% less than what you’re currently paying will save you(*):

$48,661 over the life of your loan

$1,623 per year

$135 per month

How many extra hours would you need to work to earn that money? Why not keep the money in your own pocket instead of paying this to the bank?

So don’t be disheartened by interest rates being left on hold by the RBA this week – take control of your own financial destiny, and enjoy the benefits from your very next repayment.

Energise Home Loans can assist you with the switching process from start to finish. We’re switching experts, and know exactly what steps to take to make it happen for you as quickly and seamlessly as possible.

Keen to have a complimentary review of your current deal, to see if you can do better? Call today for a five minute, no-obligation discussion. It could save you thousands!

(* Calculations based on an average loan of $400,000, for a 30 year duration).


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