Five ways to take advantage of great interest rates
August 24, 2016
According to the news.com.au website earlier this month there are five great ways to take advantage of the recent lower interest rates. I've altered them slightly with my thoughts.
Get the right loan - this means making sure that no one is guiding you to a loan that isn't right for you. You should be able to ask a million questions, if you'd like to.
Put extra money into the loan - this reduces your balance even if for a short time. A lower balance means lower interest repayments.
Make fortnightly payments - this way you make an extra 2 payments every year without noticing.
Have a redraw facility - some loans give you lower interest rates in lieu of an offset account but give you a redraw facility instead - it works the same way and saves you money.
Number 5 according to the article is to fix your loan which is a great way of securing your repayments for a period but this can have pitfalls. It's my job to navigate this for you and ensure that you are aware of all that is involved.