Whether you are a first home buyer, investor or a self employed borrower you need to ensure you explore your home loan options regularly to ensure your current mortgage is keeping up with your lifestyle.
Keep up-to-date with changes in interest rates by talking to your local mortgage broker about special offers and current interest rates in Australia. Because your financial situation might change its always best not to just set and forget your mortgage. Interest rates are a major consideration for borrower’s when making a decision to refinance, so it’s important to understand how they work.
Most borrowers are aware there are two types of interest rates – variable and fixed. Each type is based on different financial market indicators: variable rates are driven predominantly by Reserve Bank policy while fixed rates are driven by the predicted trends in the wholesale money market.
Mortgage holders concerned about rates heading upward should consider getting a home loan health check. You still can negotiate a mortgage rate that is anything from 0.70 per cent lower or more for large size loans.
A Loan Market mortgage broker will help you navigate through the discounts and specials on fixed and variable interest rate loans to ensure your home loan is competitive and suits your lifestyle.