Three of the country’s largest banks have this week slashed their fixed term, longer-term home loan interest rates to their lowest levels in my lifetime, with five year fixed rates now available from 4.99% p.a.
The Commonwealth Bank was the first to drop with National Australia Bank (NAB) and Westpac following soon after. NAB also cut the rate on its four-year loan to 4.99% p.a. and its three-year loan to 4.94% p.a.
These advertised rates are attractive and the banks are certainly competing hard for new customers but it’s important to keep in mind that a low rate doesn’t always guarantee savings. The age of your loan, existing loan structure and of course your future plans, will all impact the overall benefit of refinancing with a new lender or fixing your loan for an extended term.
We can’t tell you how long these rates will stay low for but we can tell you if and how there is money to be saved. One phonecall is all it takes.
If you’d like to know if fixing your home loan is right for you, call us on 07 3899 2866.