Well this week was a bit of a shock – interest rates starting increasing despite the fact the Reserve Bank didn’t increase the cash rate.
I mean, how rude was that?
Some borrowers will object greatly to the increased rates due to the principle of the matter. Other borrowers will take it in their stride and pay the extra amount.
Refinancing a loan to a lender who hasn’t put profit before people might be an option for you.
You’ll see more lock rates being offered now. A lock rate is a fee which is payable to the bank to guarantee the interest rate settles at the rate you are being offered at the moment. This fee can differ from lender to lender but generally the fee can be .15% of the loan amount.
So if you would like to beat the interest rate increases and streamline your debt based on your financial goals, please call 0403 211 361 to discuss