SME Blog & News

The impact of interest rate reductions

The Reserve Bank recently reduced interest rates by a further .25%, the cash rate now is at an all-time low

These historical low interest rates will obviously influence all Bank borrowings by reducing interest rates for many other facilities – i.e. motor vehicles, business equipment commercial & industrial property, residential & investment properties, as examples below

  •  Owner occupied, principle and interest home loans from 3.19% - New

purchases or refinance of your current home are all welcome

  • Commercial & industrial property loans from 4.5% - Larger transactions

(plus $5m will attract a further reduction in interest rates)

  • Business and other equipment from 4.5%

 Consider an example of a motor vehicle purchased for $150,000.00 and

 financed over a 4-year term with a balloon of 40%

  •  In 2010 the monthly repayment would have been:  $2,568.00
  • In 2015 the monthly repayment would have been:   $2,499.00
  • Today in 2019 the monthly payment will be:              $2,248.00

 That is a staggering $320 per month reduction over a 9-year period

 Many of the car dealerships are also heavily discounting their stock prior to the end of the year model runout, if you are considering any purchase at present, especially a motor vehicle, looking for a new home or you wish to refinance your current home loan, your timing may be perfect.

 Phone (03) 8825 8888 or enquire through our website:

https://www.smefg.com.au/contact

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