Home News ​Will interest rate freeze encourage financing?

​Will interest rate freeze encourage financing?

Font size :
The Reserve Bank of Australia’s recent decision to freeze interest rates not only bodes well for the real estate market, but also for homeowners looking to refinance their properties, reports realestate.com.au.

According to RateCity, this decision may encouragement some homeowners to get a better deal on their home loans, with fixed rates advertised at 3.99 per cent.

Australian Bureau of Statistics data shows that the number of owner-occupiers who refinanced their properties increased by 17 per cent to $27 billion in the first half of the 2013-14 financial year. 

“Borrowers are no longer waiting around for the Reserve Bank to give them a rate cut,” RateCity CEO Alex Parsons said in an interview. “Instead, they are taking the bull by the horns and getting a discount for themselves.”

Unbeknownst to many, even the smallest of cuts can make a big difference to mortgage repayments. Over a 25-year period, a cut of just 1 per cent can save almost $50,000 on the average $300,000 loan.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

House prices return to more affordable levels in mining towns House prices return to more affordable levels in mining towns

While the end of the mining boom caused property prices to collapse, on the plus side, homes are more affordable again Read more

Borrowers should anticipate a possible rate hike Borrowers should anticipate a possible rate hike Some experts advise borrowers to look for a fixed loan that allows extra repayments so that they can whittle down the balance sooner ... Read more

Why choosing the right mortgage is hard for first-home buyers Why choosing the right mortgage is hard for first-home buyers Many feel overwhelmed by the sheer range of products and interest rates on offer, a new survey reveals ... Read more

Mortgage applications drop in second quarter Mortgage applications drop in second quarter This marks the “beginning” of a downward trend, says Equifax executive ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Jul 26, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Whether you're a first homebuyer, looking to refinance, or investing, it's important to have the right loan for your needs. Just fill in a few details below and one of our trusted mortgage advisers will contact you.

A quick & easy way to find the right home loan
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords