There’s a lot of exciting and also concerning home loan information for Australians. It’s an excellent time to get a loan or refinance one that you already have.
Save Money With Refinancing
You can save thousands of dollars refinancing your home loan. Low-interest rates are the things to think about when you are wondering if you should refinance your current home loan. Banks are not loyal to their customers because they are loyal to their stockholders, so even if you have been a loyal customer for years, they still may not give you a lower rate. If this is the case then you need to shop around for a lower rate and take your business elsewhere. It will pay off in the long run if you spend a lot of time researching your available options.
Interest Rates to drop below 3%
Home loan rates are set to start out in the 2’s as interest rates plunge. A large and growing number of home mortgage lenders are getting ready to start charging interest rates under 3% This may become common if the RBA makes more cuts to the cash rate. It could possibly drop to a brilliant rate of 2.50%. One thing pushing this is competition among lenders.
Are you struggling to pay your home loan? Then you are certainly not alone. One-third of all Australian homeowners are struggling to pay their home loans. More than 70,000 will not be able to make their mortgage repayments during the upcoming 12 months. This problem can happen when someone managed to get a loan with a smaller deposit, and then they owe a higher payment to the lender. And their property could be potentially worth less then what the homeowner paid for it when the market was hot. The homeowner’s best bet is to try and negotiate rates with their lender or switch to a lower interest loan with another lender. One other option is to ask for a “hardship variation” to help them.