The silly season is well and truly upon us! Christmas presents are being bought and holiday plans are being made. I dare say, much of this spending will be done on credit cards which will need to be repaid sometime in January when your cash flow is low, causing you to incur hefty interest payments.

This time of year is perfect to review your financial situation and consider consolidating or refinancing your existing debt to improve your financial position for the year ahead.

To that end, lenders are falling over each other at the moment and offering some very low interest rate offers to attract new business.

Some of the offers that we are seeing at the moment include:

• Rates as low as 4.63% for variable rate loan amounts over $750,000 or 4.69% for loan amounts over $250,000 (both with no application fees or ongoing fees. Other establishment fees may apply).  Rate and fee discounts on these loans are applicable for the life of the loan.
• Fixed interest rates are also at historical lows.  Just when you think they can’t get any lower, lenders are currently offering some very attractive fixed rates.
  • 1 year fixed from 4.34%
  • 2 years fixed from 4.49%
  • 3 years fixed from 4.59%
  • 4 years fixed from 4.69%
  • 5 years fixed from 4.69%
• Need a new property to live in, but you don’t have a 20% deposit?  One lender is offering $1 mortgage insurance until further notice.  This applies to purchases where you are able to contribute at least a 10% deposit and can result in savings of thousands of dollars in set up costs.  This offer is only applicable to owner occupied purchases (not investment purchases or refinance of existing loans).
•  Want extra cash? Many other lenders are offering incentives of between $1,000 - $1,500 in rebates if you refinance your home loan through them

So do yourself a favour and review your latest loan statements.  If you are paying more than the rates listed above then you may be paying too much!  Give Laurentide a call today on (02) 9954 5044 and speak to our mortgage broker, Anthony Martin, for a confidential and free review of your personal finances.