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Interest Rates on hold, is it a good time to refinance?

Nov 2019: RBA Cash Rate Decision Announced

As expected by the majority of economists, the RBA has decided to keep interest rates on hold this month. After three cuts in five months, the official cash rate remains at a record low 0.75%.

Is it time to refinance?

Other than your mortgage, do you have other debts that you’d like to clear? Perhaps it’s time to consider refinancing your current home loan.

Because home loan interest rates can be substantially lower than, say, a credit card, consolidating all of your other loans and credit cards into your home loan can save you a considerable amount of money.

On top of this, you’ll be pay off these debts over a much longer period (associated with the length of your new home loan). Therefore, the monthly increase in payment is likely to be minimal, depending on the debt.

How to refinance your home loan

If you have a good credit rating, it’s worth considering it as an option. Although there’s a bit of paperwork involved, a seasoned mortgage broker will help you with that.

It’s our job to negotiate with lenders on your behalf to obtain the right option for you. Refinancing your mortgage has many benefits – Get in touch with us today and we’ll explain how it can affect your current financial situation.

Click here to read the offical RBA statement by Philip Lowe, Governor.

DISCLAIMER: This article provides general information only and may not reflect the publisher’s opinion. None of the authors, the publisher or their employees are liable for any inaccuracies, errors or omissions in the publication or any change to information in the publication. It was prepared without taking into account your objectives, financial situation or needs. Please consult your financial adviser, broker or accountant before acting on information in this publication. Please click here for disclaimer information and terms of use for this website and terms of use for this website and all our associated media as well as information regarding to links to 3rd Party / External websites that are not related to APLS Finance Solutions.

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