Bruce's Blog

Refinance Options at Lower Rates

Fri, Apr 2nd 2010, 17:35

Just last week AMP and Credit Union of Australia announced interest rate reductions on some of their mortgage loans. This was hot on the heels of a Westpac warning of increasing cost pressures on the bank’s funding.

The non-bank sector has made a quiet return to the mortgage market over the last year, some with Federal Government support for their mortgage backed securities. The major banks have generally increased rates and raised the bar for lending criteria.

There are lenders which can now offer lower variable interest rates even under 6% especially if the loan to value ratio is 65% or 75%.

Many of you who purchased before house prices surged, have excellent equity in your home or investment property but may still be paying a premium loan rate.

Now is a great opportunity to review your current loan structure, or consider renovations or new investment in property at potentially lower cost than your existing lender can offer.

Contact me for a free first consultation today.