GET SMART FINANCIAL
  • Home
  • Get to Know us
    • The Get Smart Team
  • Get Results
  • FAQs
  • Calculators
  • Blog
  • Get in Contact

BREAKING NEWS! Cut in official Interest Rate

3/3/2020

0 Comments

 
 As was widely predicted, the board members of the Reserve Bank of Australia have today made the decision to cut the official cash rate by 0.25%. The official interest rate is now at a new record low of 0.50% pa.

All eyes are now on the banks to see whether they will pass this on to their customers.

Debt-free in 2020?

Most people dream about being debt-free. With record low interest rates, if you have equity in your home it may save you a lot of money to relook at your home loan with a view to paying off all of your debts.

If you have a number of higher interest rate debts, consolidating your debts will allow those higher interest debts to being rolled into your home loan, so they would be covered by a lower interest rate. Credit card debt is a perfect example. Many people have more than one credit card; often, they are close to the limit. Take a look at the interest you’re paying on your cards. Then, compare them with your home loan interest rate.

Any other loans you may have – personal loans, overdrafts etc – can also be consolidated into a single monthly payment. And because it’s spread out over a longer period of time, as per most home loans, the addition to your monthly mortgage payments may be surprisingly low.

Refinancing your biggest asset has many advantages. But remember, it’s not as easy as simply switching banks to a lower interest rate – it’s a complex issue that needs careful consideration. However, if you do it right, you could save a bundle.

If you have any questions regarding this or any other aspect of your mortgage, please feel free to give us a call.

​
#getsmartfinancial#financeteam#mortgagebrokermelbourne#mortgagebrokeraustralia #weloveourclients#winningteam🏆 #inspiration #propertyfinance#finance
Picture
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    mortgage broker donvale
    View my profile on LinkedIn

    Author

    Rachael Bland – Founder & CEO

    Archives

    December 2022
    November 2022
    October 2022
    May 2022
    April 2022
    March 2022
    February 2022
    July 2021
    June 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    April 2019
    March 2019
    November 2018
    August 2018
    February 2018
    November 2017
    July 2017
    May 2017
    March 2017
    June 2016
    May 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    May 2015
    March 2015
    February 2015
    January 2015
    December 2014
    October 2014
    May 2014

    Categories

    All
    Adding Value
    Capitalisation
    FAQ
    Finance
    Get Smart News
    Home Loans
    Industry Awards
    Interest Rates
    Investment
    Refinancing
    Renovations
    Value

    RSS Feed

Privacy | Credit Guide | FAQs | Calculators
T:
0421 73 88 30 | E:
rachael@getsmartfinancial.net.au
Credit Representative Number: 427013 | Australian Credit Licence Number: 391237 | MFAA Accredited Credit Advisor 150638 | Copyright © 2019 Get Smart Results Pty Ltd
mortgage broker donvale
Website by Mint Creative Circle
Photo used under Creative Commons from Philippe Put
  • Home
  • Get to Know us
    • The Get Smart Team
  • Get Results
  • FAQs
  • Calculators
  • Blog
  • Get in Contact