Tips for Renovations
With rates at an all time low and suggestions from the Reserve Bank that rate cuts may be over, perhaps it’s a good time to re-assess your current loan to make sure you’re getting the best deal.
By ROB WALMSLEY
Fixed rates are attractive because you have the certainty of what your payments will be for the next few years or so, depending on how long you decide to fix. You should always consider future circumstances when looking at fixing because if you decide to make any changes to the loan during the fixed rate period, you could face some hefty fees.
Variable rate loans allow for more flexibility, like an offset account, but if rates rise so will your payments. Why not consider splitting your loan and having the best of both worlds?
If you loan is say $300,000 you could fix a large portion of it and profit from lower rates and payments, and still have the flexibility of your transaction account acting as an offset to interest on the variable split.
For more information or if you would like to discuss your options, give me call on 0402 203 303 or email me at rob@rwfs.com.au
“With rates at an all time low and suggestions from the Reserve Bank that rate cuts may be over, perhaps it’s a good time to re-assess your current loan to make sure you’re getting the best deal.”
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