Why there's never been a better time to check your loan: RACQ Bank

As Queenslanders looked for new ways to save money and tighten their budgets, RACQ Bank has urged homeowners take a closer look at their mortgage, and to secure the best deal available, if they weren’t already on it.

RACQ Bank spokesperson Lucinda Ross said rates and fees were at their most competitive in many years, so now was a good time for homeowners to check in with their lender or mortgage broker. 

“With rates at record lows and the property industry slowing down, many banks are looking closely at what they can do to keep customers on board,” Ms Ross said.

“Talk to your broker or lender to find out whether they can offer you a better deal than what you’re currently repaying. Whether it’s splitting your loan, switching between fixed and variable or simply going with a bank that will give you better service, there’s never been a better time to shave some money off your mortgage.”

Ms Ross said split loans were increasingly popular in times where variable and fixed rates were at record lows, giving homeowners the best of both worlds.

“We find many members struggle with deciding whether a fixed or variable rate is the right decision for them,” she said.

“While every situation is unique to the homeowner, splitting your loan between fixed and variable could allow you to access great rates with a different level of risk. 

“It’s important you only make changes that are right for you, so make sure you speak to your lender or an independent advisor on what options are available to you and what it could mean for your situation. Give our team a call on 13 1905 to find out what we can do for you at RACQ Bank.”