OCR Down: War on Banks Heats Up
Thu Aug. 15th 2019
It's a fantastic time to restructure your mortgage! With the Reserve Bank reducing the official cash rate to its lowest-ever rate of 1%, banks have paid attention and cut mortgage interest rates.
It's a fantastic time to restructure your mortgage: The Reserve Bank has reduced the official cash rate to its lowest-ever rate of 1%. The banks have paid attention and cut mortgage interest rates, with two- and three-year fixed term rates below 4%. Floating rates are also down, which is good news for borrowers.
If you're coming off a fixed rate, take the time to shop around. You can potentially secure a respectable chunk of cash, you may be able to get your fees covered to switch banks and get a sub-4% rate.
Still fixed? It might be time to run the numbers on whether breaking your term makes sense.
We recently had a client with only 10 weeks to go on her loan, and she didn't think it was worth breaking the fixed term. We spoke to the bank for her and did the sums, and it was only about $350 to break the term. That money was recouped after just five weeks, so it was well worth the effort.
Contact us for a no-obligation review of your mortgage - we will contact your bank, obtain your break-fee, and calculate if the savings from a lower rate outweigh the cost of breaking your fixed rate term.
Need our help?
We're here to answer your questions.Get in touch with us today
Michael is an expert in his field and really goes the extra mile to ensure a professional, thorough and enjoyable experience when looking for Insurance cover or trusted Financial advice. Highly recommended.
Michael has a wealth of information to share with regards to financial planning...he has always provided valuable information to both my clients and me without being a pushy sales person!
I am thrilled with the advice and service Michael provided me for financial planning and for personal insurance. Trustworthy and a very nice chap! I highly recommend his services.
Michael has consistently provided excellent service, financial advice, support and follow-up on insurance services for my business. I would highly recommend Michael to anyone needing clear and honest financial advice.
The ''new regime''
On March 15th 2021, a new law on how financial advice is provided to retail clients will come into effect.
Take more control of your cancer journey
AIA Cancer Care is a specialised type of health insurance that covers costs associated with the diagnosis, treatment, and recovery of cancer. With this new product, you can get access to a broad range of private treatment options and faster access to the latest cancer drugs.
LVR restrictions to be reinstated
LVR restrictions take effect from March 1st, meaning you will need a higher deposit than just a few weeks ago. So what does this mean for you, and will it help cool the housing market?