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The Age Old Decision... to Fix? or to Float?

As a business, this is something we are asked by most people we talk to. Generally, as consumers, we look for certainty in our purchases – will the car we buy today last into the future? Will the phone I buy today last until next year; before a new model comes out? Will the mortgage I fix work for me in 2 years’ time?

There is significant disparity between floating and fixed rates in the current falling interest rate market. We are currently recommending shorter term fixed rates between 6 -24 months. We believe interest rates will fall further over the remainder of this year and into 2016.

For anyone re-fixing onto a lower rate, this is an ideal time to re-consider your repayment amount.

A minor increase can substantially reduce the mortgage term and effectively save a considerable amount in interest.

For example, an increase of $30 per week in loan repayments on a $350,000 mortgage over a 30 year term @ 5.00 % pa interest rate will reduce the loan term by 4 years! More significantly, this will save $50,000 in interest costs.

If you would like to know how to implement these changes so that you can take advantage and save, please give us a call.


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