The latest Reserve Bank interest rate announcement did not contain good news for property owners. Although earlier in the year the public statements from the Reserve Bank indicated that interest rates would not rise for some time, the last two months have seen interest rate increases. Although these rises are an attempt to control inflation, many homeowners will struggle to meet the increased repayments required on their loans due to the increased cost of living.
However, with these rate rises does come the opportunity for borrowers to shop around and ensure their loan conditions are competitive. Many lock themselves into a massive loan and then passively pay it back over 30 years, not realising that they could be costing themselves thousands. It is easier than ever to change banks and switch loans and this move can provide significant financial relief. Elysium can introduce clients to their loan broker for a no-obligation, free look at their current loan. If you are interested, please do not hesitate to contact us on 9720 6811.