Who would have thought?
3.89% and there’s a fairly strong view that this isn’t the end of the downward trend in rates. That said, there is chorus of those that reckon the upward change isn’t that far away. One main bank lender increased their 3 year rate this week - but no-one else has followed ……yet.
But the point of this post is this. NOW is the time to load up your mortgage payments and go hard at reducing your mortgage whilst it’s cheap to do so. If you can afford more, pay more.
With a $500,000 mortgage on a 25 year term, you could shave 5 or more years off your mortgage by just paying $100 per week extra. Or, use Revolving Credit or Offsetting as part of your structure and reap the rewards.
Either way, by taking advantage of record low rates, the right structure and good habits NOW, you will reap the rewards sooner in your life by being mortgage free faster.
Talk to me if you need help to make a change now.