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Sunday / May 26.
HomeminewsLow Interest Rates Make it Time to Review Finances

Low Interest Rates Make it Time to Review Finances

With interest rates remaining very low worldwide, now is a good time for existing home and business owners to take a look at their current financing arrangements and compare them with what’s available in the market.

It may also be a good time for prospective buyers to get serious about investing in property. According to the Reserve Bank’s 5 November announcement, “there are further signs of a turnaround in established housing markets, especially in Sydney and Melbourne. In contrast, new dwelling activity is still declining and growth in housing credit remains low. Demand for credit by investors is subdued and credit conditions, especially for small and medium-sized businesses, remain tight. Mortgage rates are at record lows and there is strong competition for borrowers of high credit quality.”1

A percentage point here or there may not seem like much but over the course of a long-term home loan that can really start to add up

Craig Spiegel, co-founder of Credabl, a specialist financier which provides personal and business finance solutions to medical professionals, says with so much competition for borrowers, now is the time to shop around, yet many aren’t.

“We are noticing that more and more Australians are opting to ‘set and forget’ their home loans and maybe don’t even know what their home loan rate is,” commented Mr Spiegel.

“A percentage point here or there may not seem like much but over the course of a long-term home loan that can really start to add up. Refinancing your home loan may be the right option for you.

“If you own a home and are thinking about refinancing or you’re contemplating your first purchase, it’s worth talking to us and allow us to compare our rates with others on the market. Right now, we’re offering home loans with excellent benefits. For example, Ophthalmologists can get a three-year fixed rate of 2.99%pa (comparison rate of 3.49%pa) with a 100% offset account up to 90% of the value of the purchase and we don’t require lenders’ mortgage insurance.”*

Mr Spiegel stressed the value of turning to financiers with appropriate experience. “With a 25-year track record and an intimate knowledge of the financial needs of medical practitioners, I take pride in my ability to help medical professionals review their current loans and determine if a refinance is going to be good for them, or not,” Mr Spiegel said.

On the commercial side, Credabl is also offering up to 80,000 bonus Qantas Points for clients that settle an eligible commercial deal between 1 November 2019 and 31 January 2020,* making this a good time to consider investing in practice equipment or fitouts.

*Terms and conditions apply.

Disclaimer: The opinions expressed in this section do not represent the advice of Toma Publishing or its subsidiaries and do not necessarily reflect the opinion of Toma Publishing or its subsidiaries.

1. www.rba.gov.au/media-releases/2019/mr-19-29.html