Australian Interest Rates Are Going Up… What You Can Do!

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Australian Interest Rates Are Going Up!

Our Current Interest Rates at NBS Home Loans

OWNER-OCCUPIED LOANS 
Fixed: 2.59% (comparison 2.68%)
Variable: 1.89% (comparison 1.92%)

RESIDENTIAL INVESTMENT LOANS
Fixed: 2.84% (comparison 2.98%)
Variable: 2.14% (comparison 2.16%)

There are also several lenders offering cashback on eligible refinances, with offers of up to $4000 cashback currently available. (T&Cs, eligibility criteria and normal lender assessments apply.)

Please contact us on 0434 103 326 if you’d like to chat further about options.

Interest Rates Discussion with our Principal Broker Marty Walmsley on our YouTube Channel

Interest Rate Movement Update

Over the past few months, we’ve continued to see significant increases across fixed-rate loans.

Until late last year, many lenders were offering rates below 2% on fixed terms of 1 to 2 years. Today, the lowest available fixed rate from our panel of lenders is 2.24% (comparison rate 2.45%), with the majority of lenders offering fixed rates starting in the mid-to-high 2% range.

For fixed terms of 3 years or longer, most borrowers can currently expect to pay somewhere in the range of 3% – 5% depending on the term and lender. Investors can expect to pay slightly more again, with investment loans usually sitting at least 0.25% higher than the owner-occupied interest rate.

If you already have a fixed-rate loan, these increases will not affect your existing rate until your fixed term expires. However, if you are currently on a variable rate and are thinking of switching to a fixed rate, or you are coming to the end of a fixed-rate period, it is a good idea to speak with us about your options sooner rather than later.

On the other hand, we have recently seen a number of lenders decrease their variable rate for new borrowing, with variable rates starting from 1.89% (comparison rate 1.92%) currently on offer from our panel of lenders.

While low variable rates might be attractive, it’s important to remember that any future rate increases will usually be passed on to you very quickly and will result in higher monthly repayments, so it’s important to chat with us about the right fit for your circumstances.

For more information about fixed vs variable rate loans, our article about the Pros and Cons of Fixed Rates is a useful resource.

FIXING YOUR HOME LOAN INTEREST RATE

“Fixing your loan means you lock in an interest rate for a set period of time (usually 1 to 5 years), and it will remain unchanged during this time regardless of rate movement.”

NBS Home Loans

It’s Time To Review Your Home Loan

While fixed rates have increased significantly over the past six (6) months, it is not too late to fix your loan if you are considering doing so.

Fixing your loan means you lock in an interest rate for a set period (usually 1 to 5 years), and it will remain unchanged during this time regardless of rate movement.

In the current market, it’s also worth reviewing your loan to make sure it’s still a good fit, regardless of whether you plan to fix your rate or opt for a variable rate loan (which changes in line with interest rate movements).

In either case, it’s important to chat with us sooner rather than later so we can talk you through your options and help you find the right fit for your needs.

Call us today on 0434 103 326.

Financial Hardship Resources And Contacts

We understand this is a difficult time for many of our clients, friends and family. We have compiled the below list of financial hardship contacts and resources for anyone who may find them helpful.

Lenders’ Hardship Contacts

For additional information and to be directed to the relevant section of each lender’s website, please visit this page on our website: https://www.nbshomeloans.com.au/financial-resources-hardship-contacts-covid-19-australia

 

ANZ: 1800 351 548

Bank of China: 1800 095566

Bank of Queensland: 1800 079 866 or CustomerAssistanceTeam@boq.com.au

Bankwest: 1300 787 144

Bluestone: 13 25 83

CBA: 1300 720 814 or customerassist@cba.com.au

Connective HL: 1300 543 558

Connective Solutions: 13 73 77

ING: 1300 349 166

Latrobe: 13 80 10 or hardshipassist@latrobefinancial.com.au

Macquarie: 1300 363 330

ME Bank: 13 15 63

MyState: 138 001

NAB: 1800 701 599

Pepper: 1800 356 383

St George: 1300 303 110

Suncorp: 1800 225 223

Virgin Money: 1800 701 997

Westpac: 1800 067 497

 

Additional Support Resources

Lifeline: 13 11 14

Suicide Call Back Service: 1300 659 467

Beyond Blue: 1300 224 636

Mental Health Line: 1800 011 511

Kids Helpline: 1800 551 800

MensLine Australia: 1300 789 978

GriefLine: 1300 845 745