If your interest rate starts with a 3% or more then it’s time to check your home loan

As we head through the month of February, it’s shaping up to be a year full of opportunities! Home values are already on the rise - and set to climb higher. The Reserve Bank of Australia (RBA) is predicting a 30% increase of property values by 2023.

In its first meeting for 2021, the RBA kept cash rates on hold at historic lows which is great news for your home loan repayments.

We’re now seeing home loan rates from as low as 1.88% (comparison rate 2.97%).

The start of the year is a smart time to put your home loan under the spotlight. One in two Australians are in the dark about their loan rate - and home loan apathy could stop you forging ahead financially.

Interest rates tumbled in 2020, and there are savings to be made from refinancing.

On a 30-year home loan of $600,000, switching from a loan with a rate of 2.97% to a mortgage with a rate of 1.99% could see you save around $305 each month.

Interestingly, fixed rates are on average lower than current variable rates and some lenders offer a 100% offset account against their fixed rate loan which is an extremely popular option.

So, if you’d like to see how we can help improve your cashflow and pay your home loan off sooner, contact Matt Feehan on 03 9088 4777 or matthew.feehan@saltfinancialgroup.co.au.