Has your bank passed on the rate cut?
Melbourne Cup Day 2020, the Reserve Bank of Australia has met today and cut official interest rates by 0.15%.
Many economists are predicting that they don’t think any of the banks will do anything to lower the variable mortgage rates. However, they may possibly move fixed mortgage rates.
Whilst others are suggesting some lenders will still pass on the cut to avoid reputation damage, after suffering so much over the past 10 years.
Why it pays to review your mortgage regularly
How long has it been since you last reviewed your mortgage?
If it has been a while, chances are you could be paying more than you should, especially with today’s interest rate cut.
Worse still, your home loan may no longer reflect your current needs and goals.
Life changes and so too should our mortgage.
If you have changed job, had a baby or received a pay rise within the last 12 months, you may no longer be in the right home loan for your needs.
As a general rule of thumb, it is a good idea to give your home loan a health check once every year to make sure it is still the right product for you. And, the start of a New Year is a great time to review your home loan.
By shopping around for a better deal, you could save thousands of dollars in interest charges and potentially shorten the lifespan of your loan.
Moreover, given that many of Australia's lenders have recently decreased their home loan interest rates, now really is the perfect time to review your current home loan and see if there is a better, more sharply priced product on the market.
The good news is there is no shortage of options to choose from, with all of Australia's lenders offering a range of very competitive home loans.
Whether you are looking for a variable rate home loan, a fixed rate or even a split rate mortgage, there will be a product on the market that suits your needs.
Our mortgage partners can help you search through the hundreds of home loans on offer to find a mortgage that is right for you.
Not only do our partners put you in a product that is better suited to your short and long term goals, but they may be able to save you hundreds (if not thousands) of dollars in the process.
If you do decide to refinance your home loan, our partners can do all the paperwork for you, so that the only thing you need to worry about is planning your weekend activities.
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