We have built a great reputation as mortgage brokers in the Kwinana, Rockingham and Baldivis areas, but we have access to a full range of loans, including car loans and personal loans. We are telling you this because record low interest rates have made it advantageous to look at other loans besides your home loan.
Here are five ways to take advantage of low interest rates.
Buy an Investment Property or a Home
If you are thinking about buying your first home or you are looking for an investment property, now is a great time to call a mortgage broker and run some numbers. It can be easier to get an investment loan than an owner-occupier loan because you will be receiving rental income to help with your mortgage repayments.
Consolidate Expensive Credit Card Debt
Now is also a great time to ask about a personal loan to pay off expensive credit cards and store loans. Your rate on the personal loan will be much lower than it would for the credit cards. If you can’t obtain a personal loan, you can always start paying off the credit cards on your own. Pay off the ones with the highest interest first.
Buy a Car
Lower interest rates will help you get a better car for a lower payment. If you plan to get another car within the next year or two, it may be to your advantage to do it now.
Make Extra Repayments on Your Current Mortgage
Whether you have a variable rate mortgage right now or a fixed one, it makes sense to make extra repayments if your interest rate is low. The lower the interest, the more of your payment goes to the principal.
If your mortgage or car loan is at a higher rate, we may be able to help you obtain a lower rate. Call Smartline Rockingham today to learn more: (08) 9527 1800.