Are you a Fixed or Variable rate person?  I find most of my clients have their mind made up before they step foot in my office.  I like to explain all the options available but if you are set on having a 5 year fixed term, now is probably as close to as low as they will go.

On the other hand if you have decided you are a Variable rate type person, you need to think about taking a one year term.  We do have variable rates from Prime minus .15% with the ability to lock into a fixed at any time but let me explain the benefit of the one year term.

We have one year terms at 2.25% the equivalent of prime.

This rate is locked in for one full year which should save you some money as rates are expected to increase by June 2010.

You can get a rate hold 8 months in with any lender so you are not stuck with the one lenders interest rate or product options.

The discount is expected to increase to more then Prime minus .15%.  We could be back to the Prime minus .50% range.

Please leave a comment or feel free to give me a call to discuss further.

Lee O’Callaghan 604 723 6520