Current Home Owners and New and Potential Home Buyers will be delighted the interest rates have reduced today!
Some lenders may take a few weeks to pass on the reductions to existing home owners. Fixed rates will not receive the interest rate reduction unfortunately, due to the fixed nature and term of the loans.
What does this mean for home owners with Variable Loans and Potential Home Buyers?
Your maximum loan amount may increase up to $50k depending upon your lender – some will allow you to borrow less, some will allow you to borrow more. It completely relies on your current financial situation.
If you have had difficulty in the past applying for a Home Loan in the past, you may now qualify for the loan amount.
Investment properties may have sharper interest rates, with less negative gearing, meaning you have more disposable income for your household. This will depend upon where your investment property is positioned financially.
If you would like to know more about your next loan, please reach out by contacting me at hello@georgefinancialservices.com.au
#property #finance #homeloan
