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Should you fix your home loan?? Don’t get caught out by “BREAK COSTS”

There is a lot of media hype out there explaining what fixed rates are, and the obvious point they are now starting as low as 2.14%!

But they aren’t being overly clear about the ins and outs of fixed rates and how these can be a little less flexible when you want to pay down or pay out the balance because of a property sale or refinance.

We are also getting a lot of enquiry from people that have fixed their rates within the past twelve to eighteen months, yet now that rates have plummeted, we just need to mindful that there could be potential break costs.

But it is all about working through the numbers, and making an informed decision based on weighing up what the break costs are and what the interest savings are. Then once you have worked out the savings, you can measure this against the costs to ensure it is still going to be a beneficial financial decision for you.

It is a calculation that we can do to very quickly to determine if it’s in your best interest to refinance and break that fixed rate you currently have. We can then help you understand whether this will be better to wait until the fixed rate expires or is it something that we would be doing right now.

So if you are in that boat, and you are not sure what to do, reach out to us let us know what your current situation is. We can take advantage of some great cash back options to potentially offset the refinance break costs that the fixed rate may incur.  We can get cashback options of up to $3000 at the moment so its quite attractive to consider it, and if you don’t have a fixed rate, it is a no brainer.

You don’t have to make ill informed decisions, you can reach out to our team who are happy to workshop these scenarios at no cost to you to give you the best chance of making sure you are better off financially.

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