In addition to the variable rates remaining low, Fixed Rates have been slashed by several lenders in recent days.
Commonwealth Bank recently announced that it had cut its five-year rate from 5.69 per cent to 4.99 per cent for the bank's professional package products.
Westpac also reduced its five-year fixed rate from 5.79 per cent to 4.99 per cent on the Premier Advantage Package. This is the lowest five-year rate in Westpac’s history.
Since these Fixed Rate Cut announcements many other Lenders have followed suit.
Continued low interest rates are providing excellent opportunities for those that take action. However, before you race out and lock your home loan or investment property loan into a fixed rate product you need to be aware of the many pitfalls that may trip you up. Remember the banks are very clever with their marketing to convince you of the benefits of locking into a fixed rate which prevents you from leaving them.
What does this all mean?
The short answer is you should have a Strategy Session before getting swept up in the banks marketing messages and before making any rash decisions.
Make sure you book your Strategy Session today to ensure you are heading down the right path
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