Time to review your current home loan?

With the Reserve Bank of Australia increasing the cash rate a further 25 basis points yesterday (now 4.35% as of Tuesday 7th November 2023), it may be a good time to review your current mortgage to ensure you are on a competitive interest rate and the product still suits your needs.

This 13th rate rise in 19 months is putting an increasing burden on the family budget along with the increasing cost of living expenses. A debt consolidation, bringing small debts into one loan may assist with easier financial management and lower repayments. It is important to consider whether you will be paying more interest in the long run however and not simply kicking the can down the road so to speak.

If you have substantial savings in a separate facility, another option may be to look at the pros and cons of utilizing an offset account to lower the overall loan amount you are being charged interest on.

We can review your personal situation and offer advice on structuring to allow you to make an informed decision. Get in touch today for an obligation free appointment to discuss your options.