With the recent decrease in the Cash Rate by the Reserve Bank for the first time since August 2016, are your loan interest rates the best available?
The Australian mortgage market has been constantly changing, impacted by the Banking Royal Commission and other regulatory interventions. This in turn has seen interest rates moving all over the place during the last 12 months.
Most banks have recently reduced their variable interest rates following the change in the Cash Rate, however fixed rates have also been moving down. Investment loan interest rates have also experienced constant change.
It is difficult to be on top of this ever changing market. This is where Allan Hall Finance can help you.
Variable loan rates
Did you know that many banks will offer a lower rate for new business clients compared to existing clients? In many cases your loyalty is costing you money.
For example ING Bank Australia will be offering a variable interest rate of 3.14% for loans over $1m where the loan is 80% or less of the property value!
Macquarie Bank is also offering 3.24% for any amount where your loan is 70% or less of the property value.
Investment loan rates
Another evolving market is investment loans. When banks were required to limit investment lending they increased the interest rate. These limitations have been lifted and interest rates are decreasing. For example, Macquarie Bank are offering 3.54% for investment loans, where the loan is 70% or less of the property value and repayments are principal and interest.
Fixed load rates
Fixed interest rates have also been decreasing and this may suit your loan requirements. For your home loan you can fix for 2 years at 3.29% and your investment loan at 3.59%.
Free review of your home loan from Allan Hall Finance
In summary, we strongly suggest you contact our team at Allan Hall Finance using the button below or by calling +61 412 038 205. Our Finance team will complete a free review of your current loans and the saving of interest can be substantial.