The Reserve Bank has done what most media commentators were expecting and reduced the interest rates to a now record low of 2.5 Percent.
This is good news for people with an existing home loan or home buyers looking to get into the new home market. Since late 2011 rates have reduced by 2.25%, which equates to a saving of around $9000.00 annually on a $400,000 mortgage.
With interest rates at this level its good reason to speak to a mortgage consultant and compare what you are paying in rent as apposed to servicing your own home loan. Obviously you need to think very carefully about buying a new home as rates do change as do your circumstances but this is great news if it is the right time.
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