Interest rates aren’t expected to rise anytime soon

Lucy Dean writes for Yahoo Finance in “When will interest rates start to rise again?”:

According to Deloitte Access Economics partner Chris Richardson, mortgage-holders have a while until they need to worry about rising rates. 

“Globally and locally, interest rates will be nailed to the floor for years,” he said in Deloitte Access Economics’ quarterly business outlook report. 

More agreement follows:

AMP Capital chief economist Shane Oliver said rates will stay on hold for “at least” another three years, while ABC Bullion’s Nicholas Frappell said Australians shouldn’t expect an increase until at least 2022. 

The article then has a big section on how “many Australians aren’t taking full advantage” of the low interest rates. It’s only to be expected as most of us have other things on our minds right now. Mortgage repayments are a huge bill though and it’s definitely a good time to take a look around the market.

Steve Mickenbecker, Canstar’s finance expert said:

“If you know your home loan interest rate is too high, now is the time to put the knowledge into action. We’ve never seen a home loan market like we have now where lenders are so keen to undercut their competitors’ rates.”

I couldn’t agree more. Banks are competing hard amongst themselves right now. The easiest way to figure out if you can do better is to get in touch.