Current and prospective mortgage holders who act fast have an opportunity to avoid impending interest rate rises by locking in a fixed rate home loan for the next twelve months, property services and mortgage management company Onyx announced today.
Finance industry analysts are tipping an interest rate rise to occur in the next few weeks. After keeping rates steady at 4.5% since May, the Reserve Bank is expected to raise rates next month. In addition, Commonwealth Bank CEO Ralph Norris indicated last week that the major banks will raise interest rates regardless of the Reserve Bank’s decision.
Until recently, the Australian banking sector had been able to draw on attractively priced funding streams established before the global financial crisis. As these funding streams are being rolled over, the banks are being forced to draw upon higher priced funding on the money market and from depositor funds. These additional costs will inevitably be passed onto consumers in the form of interest rate rises.
"The structure of Australia's financial sector and the strength of our property market has enabled our mortgage market to remain much stronger than overseas markets," said Onyx Managing Director Paul Thewlis. "However it is clear we are about to go through an adjustment. While the Australian market's reliance on variable rates is part of its underlying strength, individual borrowers have a chance to fix in the next few days to avoid the adjustment."
With multiple interest rate rises looming in the next twelve months, savvy mortgage holders could save significant amounts over the next year by switching to the Onyx fixed rate now. Onyx, a respected Australian mortgage manager, has a limited time offer that will allow clients to beat the rate rise and lock in their current low rate of 6.73% for one year.
"This is a great offer for those entering the property market. It provides twelve months of certainty, making household budgeting a lot easier, while not limiting you to a fixed rate for the whole life of the loan," advised Mr Thewlis. "It’s also a great opportunity to refinance – but you should act fast, this offer will only be open for the next few days."
Onyx is an eight year old property investment and financial services company, helping clients to source property investment opportunities, identify government incentives, obtain mortgage finance and carry out the legal work associated with buying and selling properties. With nearly a decade of experience, Onyx has an enviable reputation in the mortgage finance industry, providing services to individuals, property investors and small business owners.
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