AMB Interest rate update !!

Over the years we have helped hundreds of people manage their finances and find the right home loan.

It’s common knowledge that after a few years, your original loan won’t be as competitive as it once was so it’s worth scoping the market to see what else is on offer.

This process is known refinancing and is the act of replacing an existing home loan with a new one.

People typically refinance for one of four reasons:

• To get a better interest rate and lower their weekly repayments

• To access their equity for future investments

• To renovate

• To consolidate debts

  
  

While changing your home loan may lead to lower interest rates and more flexible features, it can also come with additional costs so it’s essential to calculate both the savings and the expenses involved.

AMB RATES AS AT TODAY:

Owner occupied: (both personal and trust)

Variable PI 5.89-6.19%

Fixed PI 5.39-5.59%

Investment: (both personal and trust)

Variable PI 6.14-6.39%

Fixed PI 5.59-5.89%

Variable IO 6.39-6.69%

Fixed IO 5.69-6.14%

The rate ranges are depending on the type of lender, whether it is basic or packaged with an offset or redraw facilities, physical branches or online, etc.

For every loan we recommend a structure that best suits the individual purpose of that loan.

However, I wouldn’t advise locking in the rates for too long as its only around half a percent cheaper than the variable rate of which we are expecting a rate cut next year.

Keep in mind, the banks are continuously decreasing rates of late, regardless of an "RBA official rate cut".

So, I am recommending majority of clients keep the loans variable and ride it out until next year, because they are heading back down (...slowly*).

Please note: Rates and offers are subject to change without notice and each client is subject to full credit assessment

To find a home loan that suits your current financial situation, click the enquiry link below and I’ll give you a call shortly to start the process!