When purchasing a property, refinancing or just renegotiating with your current lender, borrowers can generally decide between fixed-interest loans that maintain the same interest rate over a specific period of time, or variable-rate loans that charge interest according to market rate fluctuations. With interest rates at an all-time low, and many lender’s fixed rates significantly lower than their variable options, refinancing to a fixed rate is a very attractive option at the moment. While none of us know what the future holds, we can look at the facts and make an educated decision. Here are the ins and outs of fixed-rate loans.
If this crazy year has taught us anything, it’s how life can change and chances are that since you got your home loan, interest rates have moved. Since you took out your mortgage, your life has probably changed a little too. Your income and expenses may have changed, and your financial goals could also be different.
With the Christmas holidays just around the corner, possibly bringing with them a little down time, now could be the perfect opportunity to review your finances and think about your goals.
As we are all aware, each financial year we are required to lodge a tax return. For self-employed & small business owners this can sometimes be complex & is always time consuming. Mistakes are sometimes made, or it doesn’t get completed on time which can result in a tax debt payable to the Australian Tax Office.
The Reserve Bank of Australia made the decision today to leave the cash rate unchanged at 1.5%.
In making this decision the RBA looks to have taken into account the lack of economic growth in Australia, evidenced by the continuing fall in house prices, a rise in mortgage arrears and a drop in the number of dwelling approvals in July.