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Keith Brady Real Estate

544 South Pine Road Everton Park

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How do you respond to interest rate cuts?

15 Jul 2013 Brian Brady 0 Comment

DollarIt seems that Everton Park home owners looking to pay off their mortgages sooner are taking advantage of current low interest rates.  With 100 basis points being slashed by the RBA since June last year, and Australian’s now finding themselves the beneficiaries of record low interest rates (currently sitting at 2.75%), it’s little wonder people are finding new ways to save, reduce their debts, and ultimately get ahead in the mortgage game.

So just what are your financial options in the current economic conditions?

Reduce your debts – By reducing your mortgage to the minimum monthly payment required you will free up a little extra cash every month that can be used to pay off credit card debts and other bills getting in the way of your growing savings.

Pay off your mortgage sooner – Many home owners (reportedly as many as 8 out of 10) are continuing to pay more than the required mortgage repayment each month, and in turn are reducing the term of their home loan.  It seems the average household paying extra each month have already lopped one and a half years of the life of their loan.

If you’re not sure of the best option to take considering your own financial situation, we urge you to seek expert financial advice and make your Everton Park real estate work better for you.  The stress you’ll avoid by keeping yourself ‘in the black’ will be well worth the effort.

Do you think the interest rates are likely to fall again, or have they reached their lower limit?

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