Australia is experiencing the lowest interest rates we’ve ever seen, leaving many wondering whether or not now is a good time to enter the property market.
If you have never had a home loan before then it can be hard to fathom the significance of low interest rates and how much of a difference they can make in terms of making weekly payments.
For those who are curious, we have created an interest rate comparison table that shows how much mortgage holders can expect to spend (or save) depending on the rate they are paying.
As can be seen from the above table, a 1 per cent different in interest rates can lead to savings of $50 or more per week depending on the size of your mortgage.
You need to shop around to find a mortgage that is suitable for you, but there are variable mortgage rates available at near the 4.25% p.a. mark at present.
The table above might help people compare the costs of buying a home with how much they spend on rent, or if you’re an investor you might like to compare figures in the table with how much you might expect to earn in rental income.
Low interest rates offer an ideal time to get into the property market. Don’t be put off by the high prices of properties in some areas; there are plenty of affordable properties in the Bacchus Marsh area whether you plan to buy a home or invest.
If you would like to have a chat about what is in the market right now then feel free to get in touch with one of the Arbee Real Estate team, we’d be happy to help you find a property that meets your needs.