Low interest rates don't just mean it's a good time to buy a home

With interest rates remaining low, in the light of yet another announcement of ‘hold’ from the Reserve Bank, now remains a great time to take advantage of low interest rates.

Low interest rates typically signal an opportune time to buy property, but you can capitalise on them even if you’re not in the market for a home. If you’re looking to renovate or upgrade your home, now is a good time to do those projects you may not have been able to do before.

Buying a car might also be on the cards with lower interest rates. Establish what your needs are and how much you want to spend, then decide if you’ll purchase a brand new or second-hand model. Your loan requirements will change slightly depending on what you choose.

If you have a business and are considering an expansion, a business loan can help you purchase the right equipment, promote your services or invest in staff. 

Fixed rate mortgages won’t necessarily be impacted by lower rates, but if you have a variable home loan, it’s a good time to increase your repayments, as you’ll save on interest and chip away at your loan balance. If you have any questions on rates for property, business, vehicles or personal loans, please give us an obligation free call.