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Variable Interest RatesInterest rate movements will always have big impact on your monthly repayments, particularly if you have a variable rate loan. When the Reserve Bank lifts official interest rates by 0.25%, the interest rate rise flows on to variable rate home loans and usually takes the lender's standard variable rates up by roughly same amount. As rate rises will vary from lender to lender it is advisable to conduct a comperehensive analysis both before getting a loan and during the life of your loan. A good mortgage broker can help you assess interest rates across more than 35 lenders. Finance Newsin a move that is aimed at bringing down borrowing costs, the Reserve Bank dropped the cash rate by 1.0% at its October meeting, making the official cash rate 6 per cent,. Click here to find out how you can maximise on the October rate cut and reduce the cost of your mortgage.
More information or helpFor confidential assistance with your home loan or to talk to your local mortgage broker, call us at any time on 13 LOAN or call our direct line on +61 2 9249 3739. |
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