Ever wondered why some people get better interest rate deals than others? Perhaps you’ve had a chat at a barbecue and discovered your host is paying a lesser rate than you?
This could be the reason…
Lenders reward borrowers who hold more equity in their property. A lower rate will be offered if you have 70% equity compared to 20%. Why? Because it reduces their lending risk and the related saving can be passed onto the borrower.
This also means that as you build up equity in your property, your lender could be more amenable to negotiating a lower rate.
For more information or to speak to one of our Financial Advisers please contact TNR Wealth Management on 02 6621 8544.
Past performance is not a reliable indicator of future performance. The information and any advice in this publication does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. This article may contain material provided directly by third parties and is given in good faith and has been derived from sources believed to be reliable but has not been independently verified. It is important that your personal circumstances are taken into account before making any financial decision and we recommend you seek detailed and specific advice from a suitably qualified adviser before acting on any information or advice in this publication. Any taxation position described in this publication is general and should only be used as a guide. It does not constitute tax advice and is based on current laws and our interpretation. You should consult a registered tax agent for specific tax advice on your
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