How you can benefit from reduced home loan rates.

As a result of everything that has happened this year, we are seeing the lowest interest rates on offer from the major banks in a long time. With rates dropping below 2.5%, now is the best time to get one step ahead on one of your biggest debts.

Whether you’re looking at purchasing a new property, or already have a home loan to pay off, these low rates are going to be in your favour.

If you already have a home loan, the temptation to drop your repayments is there, now that your loan is accruing less interest however, we have some top tips on how to use this drop in interest rates to your advantage and come out the other side a winner:


Don’t decrease your repayments.

If you can afford to, leave your repayments at their current rate (or even increase them!) so that you are effectively overpaying on your loan. By simply putting away an extra $50 on top of your minimum repayments you could save yourself over $14,000 in interest over the life of your loan (based on a $300,000 loan with 5% interest over 25 years) – more money in your pocket!


Choose a fixed loan.

Fixing all or part of your home loan is the best way to take advantage of the low rates and protect yourself against sudden rate increases over the next few years. This gives you some peace of mind that you won’t be surprised by any sudden or dramatic rate increases and you’ll know exactly how much you need to put away each month to make the repayments.


Open an offset account.

Some loans come with the ability to offset your savings account against your home loan. This in turn reduces the interest you pay on your home loan, by offsetting the interest your savings accrues. This is another way to add a buffer to the amount of interest you pay on your home loan.

At The Hrkac Group, our Finance team can help you find the right loan, set up an interest rate to suit your needs. Give us a call today on 5224 2366 with your questions.

As one of the hardest-hit groups throughout COVID restrictions, The Government is now encouraging businesses to employ workers aged between 16 and 35 who were receiving income support in the last 3 months.

The new JobMaker Hiring Credit will provide employers with an incentive payment for each additional eligible worker hired after October 7th, 2020 which will help to subsidise the costs associated with additional workers for the next 12 months.

The payments will be made to employers directly if their nominated employees are between the ages of 16 and 35 when they began employment and they were receiving one of the following income support services: JobSeeker, Youth Allowance or Parenting Payment consistently for 1 month at least, in the last three months.

Applications are open for employers to register for the JobMaker Hiring Credit as of December 6th, 2020 and you do not need to register before you hire eligible employees. For workers between the ages of 16 and 29, you (the employer) will receive $200 a week, and for those workers aged between 30 and 35 you will receive $100 a week in support.

There will be eight claim periods between now and early October 2021. The first claim period begins on February 1st (for employment between 7/10/20 and 6/1/21) and payments will be made in arrears.

You can find more information about this scheme here:

JobMaker Hiring Credit Scheme

Key Dates


Please reach out to The Hrkac Group if you have any questions or need assistance with the JobMaker Hiring Scheme.