Cowra Encouraged To Seek Financial Advice Over Interest Rates

Calare Financial Services Financial Planner Jim McNaught has encouraged Cowra residents to seek financial advice, in the wake of the record low interest rates that have arose during the COVID-19 pandemic.

Interest rates have fallen to levels not ever seen over the last 12 months, with the Reserve Bank of Australia dropping its interest rate to 0.10%, with most financial institutions passing these savings onto their customers.

The record low interest rates have been great news for some, but not so great news for others.

Mr McNaught said it was a great time for borrowers to shop around and try to find the best deal on the market, with the lending market being extremely competitive.

“Check your interest rate and contact your bank if you find a better rate elsewhere. Don’t feel obliged to stay with your bank if they won’t match the interest rate of another bank,” he said.

He said for self-funded retirees and other people that rely on interest for income, it was important to look at alternative investments, such as shares.

“Low interest rates could delay retirement, but it shouldn’t have an effect on day-to-day life,” he said.

Calare Financial Services is also the Bendigo Bank agency for Cowra, with a mobile lender visiting frequently. To find out more about Bendigo Bank loans, or for all other financial advise, please contact Calare Financial Services on 6342 1681.

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