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Does the mention of the word "interest rate" make you feel a little nervous lately? Do you feel a little uneasy every time you hear the words "Prime" or "Repo"? It’s okay, you’re not the only one.
As home owners, we’ve been on a rollercoaster ride for the past few years. Uncertainty surrounds us in many aspects of lives, and the inevitable increases in interest rates are no exception.
For decades, banks have provided fixed rate mortgages to protect us against interest rate increases. This was not a bad idea, except for the fact that this meant immediately paying a higher rate, and if the rates started decreasing, you were still stuck on that high rate until the end of the fixed rate contract. You could always opt out - that is if you didn't mind paying penalties for doing so. So as we say – fixing isn’t a bad idea, but it’s not always a great one either.
SA Home Loans realises that there is a better way, and have introduced an extremely innovative product that allows our clients to protect their home loan interest rate for period of 2 years. Our clients may select to place a 1%, 2% or 3% CAP Rate on their current interest rate. This acts as a ceiling, or limit on increasing interest rates for two years.
During the Capped period, the interest rate is guaranteed to never exceed the selected CAP Rate. You the bondholder will continue to enjoy your current rate until interest rates increase, and most importantly, if interest rates start decreasing, so will your current rate. The net effect is that you would always pay the lower of the current rate or the selected CAP rate on the loan during the two-year period of protection.
A once off premium is payable at the start of the two year term and can be paid directly from the equity available in your home loan.
So if you’re nervous about rising interest rates, but don't want to be stuck with a high fixed rate from day one, then the once off premium payable on the SA Home Loans CAP product could be the right choice for you.