Save on interest

18 June 2014

Now is the perfect time to purchase a property if you are looking to secure a low interest rate. Did you know that securing a low interest rate could save you hundreds of dollars each month?

With the Reserve Bank holding the official interest rate at a record-low 2.5%, you can secure a 5.88% (or even cheaper) with most lenders.

Let’s compare rates. If you secure a $300,000 loan, over 30 years at 5.88%, your monthly repayments would be $1776 a month or $409 per week. If you wait and interest rates go up, your loan could cost you hundreds of dollars more each month. The same loan amount over 30 years at 7.88% would cost you $2176 a month or $502 per week. That’s a saving of $400, and could be a car repayment!

For a limited time, GEOCON is also offering a $25,000 First Homeowners Grant* and no deposit on properties at Chelsea and Newtown. Contact Michelle Dzakula on 0409 007 163 or email michelle@geocon.com.au for further information.

*Terms and conditions apply.

The above article is a representation of ideas and all purchasers looking to purchase a property or obtain a loan should seek legal and financial advice which is tailored to their own personal financial situation.

Interest rates were obtained from the Reserve Bank of Australia official website.

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