Some lenders have started to lift fixed home loan rates in recent weeks, signalling that interest rates in the 1% range may be short lived.
Australians can now take advantage of some of the lowest lending rates in history. Fixed rates from as low as 1.79% and variable rates from 2.09% are a welcome relief from the 3-4% rates we saw just a few years ago, and a far cry from the average of 17% in the 80’s.
The Reserve Bank has kept the cash rate on hold at an historic low of 0.1%. Competition is still fierce between lenders and many are offering up to $4,000 cashback to refinance (average cost of refinancing is approx. $500). If you’ve been thinking about fixing your loan, or at least considering fixing a portion, now is the time to lock in an historic low rate.
What rate should you expect for your loan right now?
- If you have a home loan above $500k, your variable rate should be in the low to mid 2% range (principal and interest repayments) and fixed rates start from 1.79% (2 year fixed).
- If you have an investment loan above $500k, your variable rate should be in the mid 2% range, and fixed rates start from 2.24% (principal and interest repayments).*
ITC’s in-house finance broker, Samantha Moore, offers complimentary, obligation free reviews of ITC client’s loans. She can apply for a discount on your behalf for your current loan or look at refinancing options (with up to $4k cashback).
Simply send your current home loan statement via the link below and Sam will come back to you with what ITC Finance can offer (access to 45+ lenders) or simply email [email protected]
*Rates applicable to full doc loans with LVR<80% and subject to lender policies and approval.
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