Bankwest Rate CutIf you are looking for a variable rate that is competitive then you should talk to Your Local Perth Mortgage Broker. We know which lenders are cutting rates, and by how much.
Bankwest reduced interest rates on their standard variable mortgage by 60 basis points, in response to the official cut of 75 basis points from the Reserve Bank of Australia on 5 November. The other major banks also lowered their standard variable rates by between 58 and 65 basis points, and many non-bank lenders have also reduced rates.
Looking for a competitive home loan?
The decision of whether to fix your interest rate, or instead opt for a variable rate home loan can be confusing for many home owners. If interest rates go up, and you have a variable rate, you can end up paying a lot more each month for your home loan, just in interest. However, if you have fixed the rate, you will keep on paying the same amount regardless of how much the rates rise. But, the flip side is that if rates go down, you may then find yourself paying a higher rate than those borrowers with a variable rate.
The lesson here is to look at the current market, past and future trends and talk to an experienced mortgage broker about the future. When you sign for a mortgage to fund a property, consider whether you could afford any increases to your repayments should interest rates rise in the future. If you can, then you may want to take the risk and wait for the rates to fall. If however, you believe that rates are rising and not going to fall in the next year or so, then fixing your rate now may be a better option.
Your Options
You could make the decision to split your mortgage, securing half of the loan into a fixed interest rate, while the other half stays variable. This gives you more flexibility to use interest rate cycles to your advantage, while still protecting part of your loan.
As with all financial decisions, it can be beneficial to talk to a qualified and experienced mortgage advisor. You can call today and speak with a local mortgage broker on  .
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