Interest rates

Good news for all borrowers  – lower variable rates. Use this opportunity to speak with a mortgage broker to ensure your bank is passing on the full 0.25% discount and that you have the best loan for your circumstances.

There is more good news for borrowers with businesses. One or the world’s largest banks, Citibank, is breaking the rules and financing business loans at  discount residential rates. If you have equity in your house or residential  investment property, you can refinance your business debts at rates as low as 6.65%. Citibank is also currently offering to pay borrowers $1 000.00 to switch their loans to Citibank. It often costs less than $1 000.00 to switch banks, if so, you can keep the balance. You may be paid to switch to a lower interest rate! 

Have you considered fixing your interest rate? Fixed rates have tumbled recently. You can now fix your rate  for as low as 5.98% for 1-3 years. If you are interested in having a mortgage assessment to see how a fixed rate may help you contact Mercia’s mortgage broker. Call Dan Goodridge on 0414 423 340 or or e-mail dg@iinet.net.au at Mercia Finance  to find out more or if you require any type of finance information.