Rate cuts easing repayment pressure
Good news if your budget’s been under pressure – mortgage interest charges are finally moving in the right direction.
The Australian Bureau of Statistics reports mortgage interest costs dropped 1.4% in the June quarter and another 3.8% in the September quarter, helped by three rate cuts earlier this year.
How borrowers are taking advantage of lower rates
- Rebuilding savings buffers. A small monthly lift can add up fast.
- Putting extra into their loan. Helpful while rates settle into a new range.
- Reviewing their loan. There are big differences between some lenders.
Why this matters
Even though rates have fallen, you might still be on a loan priced for old conditions. Lenders are shifting sharply right now, and the ‘lazy tax’ can creep in if you stay put without checking.
A quick check can show where you stand
If you want to see whether your rate is still competitive, I can review it quickly and show you what your savings might look like if you stayed, renegotiated or switched.