With the Reserve Bank of Australia recently deciding to leave interest rates at historic lows, some people may wonder what does that mean for me?
If rates are low I must be receiving a great rate. However what we see time and time again is that banks and lenders don’t always pass on mortgage interest rate reductions to their existing clients. Yes, they’ll change their advertising so if you notice you may think you’re getting the new lower rate, but in fact that only applies to new customers.
That’s why it’s a good idea to review your home loan rates at least every 2-3 years. We have access to a wide range of lenders eager for new business, so get in touch to see how we can help.