If you haven’t looked at your mortgages, reviewed your mortgages or talked to your finance broker about your mortgages in 2016, then it’s now time to get on the phone.
Why? Because interest rates have moved drastically over the last 12 months – and if you’re not paying attention to how much you’re paying, there’s a good chance you’re losing money on your investment property.
In the last 12 months there have been:
- Official interest rate cuts delivered from the RBA with lenders choosing to pass on varying degrees of that reduction
- ‘Out of cycle’ decreases offered by the banks themselves
- Some lenders who have left/re-entered the investment market.
For instance, Teachers Mutual Bank and UniBank withdrew from investment lending many months ago to meet regulatory expectations, but have announced they will again accept applications for investment properties effective Monday 1 August, 2016.
That’s a heck of a lot of change for 12 months in a mortgage’s lifetime!
I’ve blogged recently about the availability of five-year fixed rates at 3.99%. I’ve never in my investing career seen rates this low, so if you’re investing for the long-term and a fixed rate suits your strategy, now is the time to investigate your options.
Book in a property finance review with your mortgage broker or contact the team at Blue Ink Finance today, to make sure you’re making the most of your loans and money!