Home Loan Refinance
As we progress into the second half of the year, RBA has decided to keep the official cash rate on hold at 1.75%. The recent strengthening of the Australian Dollar with other currencies and low inflation figures means that Market analysts are predicting that the next rate cut may occur in RBA's August meeting.
With the cut in rates in May, lenders have been adjusting interest rates for residential, property investment and commercial borrowing purposes. As interest rates on home loans are becoming more and more competitive, the predicted cut rate in August could see more good news on the horizon for home buyers for the remainder of the year.
If you're in the market to buy a home, talk to us now about getting pre-approval on your home loan in plenty of time before the market heats up even further in spring. If you'd like to check you're still getting the most competitive rate on your existing home loan, or are considering switching to a fixed rate product, now is also a great time to talk with us. We'll be happy to take a look at your current home loan product and see if we can help you get a better deal, so please give us a call today.
Refinancing your home loan is when you either take out a new home loan with a new lender, or negotiate a better loan with your existing financial institution.
The point of doing so is almost always to secure a lower rate of interest that will save you money on your monthly repayments and possibly reduce the life of your loan.