Interest Rates At Historic Lows
Great News!!The RBA has just announced a further reduction to the official cash rate of 25 basis points (0.25%). At 2.50% the rate is now at 50 year lows. Most of the lenders have followed suit, with some even reducing their interest rates by more than the 25 basis points!
When interest rates decrease you can pay off your loan faster by keeping your loan repayments constant or even increasing them where possible.
For those of you that have paid your loan down to a comfortable level it may be an opportune time to revisit how best to use the equity acquired.
For those of you that have not significantly paid down your mortgage it is a terrific time to compare your existing rate or product to others that are on offer.
Please feel free to call us at any time if you wish to discuss any of these services.
Adrian Rogers - Director / MFAA Credit Adviser
Peter Cleary - MFAA Credit Adviser
Until next time...