Interest rates are a big factor in each repayment and the total cost over the life of a loan, so staying on top of your current rate, as well as the interest trends across the market, is essential.

Interest rates are based on a number of factors – the Reserve Bank, the cost of money on overseas markets, and the general state of the economy.

Interest rates don’t appear to move by much when looked at as a simple number, sometimes only a fraction of a percent, but each basis point makes a significant difference to the total cost of a loan and makes a big difference when you’re working to pay down your mortgage.

When you enter into a home loan, you’ll choose a fixed or variable interest rate.

A fixed rate does not change over a set period of time, and your repayments will be predictable each pay cycle. On the other hand, a variable rate is attached to the market interest rate and will move up and down with the market.

The best way to keep on top of interest rate movements is to stay in contact me, your mortgage broker.

I will be able to help you shop around to find the best deal for purchasing or refinancing, when the time is right for you.