Thursday 16 July, 2020
Have you ever considered a loan with a fixed interest rate? Right now, with interest rates so low, we’re receiving a lot of enquiries about fixed rate loans. Having a fixed rate loan offers a level of certainty, but there are a few things to consider if you’re looking at this option for your home loan.
Fixed rates are available from 1-10 years, with the rate and fixed period negotiated at the beginning of the loan. While fixed rates may initially save you money, make sure you stay on top of your rate once it’s over. The team at Finance Brokers of Tasmania audit their clients’ loans every 24-36 months to ensure they’re still getting the best deal.
Fixed rates are a great choice for some borrowers but not for others. If you don’t think it suits you, another consideration may be a split loan, where you might just find the best of both worlds.
Get in touch so we can look into the best option for your circumstances.
When you consider a ‘hike’, what is the first thing that springs to mind? A walk through the bush or a sharp rise? The RBA lifted the official cash rate by 25 points to .35 percent last week – the first rise in 11 years. While we understand that a rate rise is never a good thing, interest rates are still at historic lows and we wonder if the use of the word ‘hike’ is a necessary one!
If you missed the 2022-23 budget announcements this week, you may have missed the incentives announced for home buyers. While most are not new, the government have increased the number of spaces available for eligible home buyers through their Home Guarantee Scheme.