Brett Colley - Formula 1 Finance

When it comes to choosing a mortgage, it’s not just the interest rate you need to take into account. Home loans usually come with additional costs, such as establishment fees, account fees, discharge or exit fees, redraw fees and more. These can add substantially to the amount you pay each month and therefore the overall cost of your loan.

Talking to an expert to get a true comparison can make a big difference to your wealth creation goals.

Keep in mind if you need to take out lenders mortgage insurance (LMI), you should also factor this into the real cost of comparing home loans as the rate you’ll pay will probably vary from lender to lender.

As predicted, the Reserve Bank has cut interest rates to 4.1 per cent. It comes after the RBA kept interest rates on hold at 4.35% since November 2023 — the highest level in 13 years.

Home loan customers will be relieved that all four big banks have already announced they will lower their standard variable rates by 0.25 percentage points, in line with the official cash rate.

Call us if you need any assistance with achieving your most competitive rate.

A positive start to 2025, with inflation trending in the right direction for the RBA to consider cutting the official cash rate from 4.35 per cent in the first meeting for the year next month.

For homeowners with a $600,000 loan and 25 years remaining, a February 0.25 % rate cut would save around $92 per month.

If you need assistance with your home loan or refinance, please dont hesitate to call.

There is no relief yet for borrowers as the Reserve Bank leaves interest rates on hold at 4.35% for eighth meeting in a row.

The RBA believes inflation will be at 2.5 per cent, the mid-point of its inflation target by mid 2025.