Newspaper article News Mail Bundaberg Qld.

Dona[euro][TM]t Be Discouraged; Take a Glass Half-Full Approach to the Reserve banka[euro][TM]s Decision to Hold the February Cash Rate

Newspaper article News Mail Bundaberg Qld.

Dona[euro][TM]t Be Discouraged; Take a Glass Half-Full Approach to the Reserve banka[euro][TM]s Decision to Hold the February Cash Rate

Article excerpt

IN SPITE of the housing and retail sectors rallying for a rate cut to spur on spending, mortgage brokering firm Mortgage Choice is hopeful that existing and potential mortgage holders will view the decision by the Reserve Bank of Australia to leave the cash rate on hold at 3.0% as a positive.

Mortgage Choice franchise owner on the Sunshine Coast Linda Ireland said there were a number of encouraging signs in the property market that should buoy consumer and business sentiment.

aAlthough the official interest rate remains static for the month ahead, Australians should take a glass half-full view of the situation. Further rate cuts are expected in the coming months but for now borrowers shouldnat lose sight of the fact that rates are at a historical low and this is good news for anyone looking to enter the property market,a she said.

Linda said that with rates low, it wasnat just those looking to buy property who could capitalise on the benefits.

aThose who already have a mortgage can potentially make savings on their current loan a they just need to know where to start and what changes to make,a she said.

aMortgage holders should invest time to researching and comparing their loan options to ensure they are still getting the best deal for their needs. You might find that you can switch lenders and save, or you can use the new-found information to negotiate a better deal with your current lender.

aKeep in mind, however, that if you apply for loan pre-approval with another lender to switch or to try to boost your negotiating power, it will be recorded in your credit file and multiple loan applications can impact your credit rating and hence your ability to borrow in future.a

Linda reminded borrowers that they didnat need an official interest rate cut to help them repay their loan sooner.

For those eager to make savings, she offered these top five tips for the month:

Gather all the facts. …

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