The Reserve Bank recently increased the official cash rate to 3.25%. While it’s not a big jump, the increase will have a flow-on effect to floating interest rates, with lenders passing on a likely increase of about 0.25% to customers. Shorter term fixed rates, from six months to two years, will be higher. Longer term rates will also increase, although not by as much, as these tend to be governed by other factors aside from the OCR. We still remain well below historical levels so it’s worthwhile considering fixing your interest rates. If you’re considering whether you should fix or float, talk to me today.
Looking to buy your first home? Congratulations! There’s is a lot to take in when you start out, so here is an overview of some key things to consider when you’re buying property. More
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