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Considering a new home loan?

16 Apr 2013 Stuart Zullo 0 Comment

Fixed home loansIf you’re about to buy a new house, or are re-financing, you may have been taking a keen interest in the RBA’s recent rate cuts and shopping around for the best home loan on the market.  Naturally, the lower interest rates are, the more likely banks are to drop rates on home loans, and the happier home owners and buyers are.

Generally speaking, Australians will typically opt for a variable home loan over fixed rate mortgage, particularly when there appear to be further rate cuts on the horizon.  While fixed rate loans only made up a little over 20% of new loan approvals over the March quarter, down 2% from the same time last year, there may be some advantages to taking on a fixed loan in the current economy.

If you’ve been actively shopping around you will have found that fixed interest rates are at an all-time low, with some lenders currently offering rates as low as sub-5%.  With standard variable rates still averaging around 5.7% with major lenders, it’s easy to see why many may be swayed to lock themselves in.

Naturally, we’d advise anybody thinking of re-financing to speak with a financial expert first, but if you’re in the market to save some dollars and take full advantage of the current low interest rates, now may just be the time to lock yourself into financial security… at least for the next 3 to 5 years.

 

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