I found an interesting article published by MPA last week, where RBA revealed that the interest rates are at their lowest since records commenced. And brokers have played an important role in reducing interest rates and saving small businesses money.
“The average interest rate paid on all current loans held by small businesses has fallen in the past six years from 8.40% in 2011 to 5.30% now” explained Australian Bankers Association chief economist Tony Pearson. “Based on a loan of $100,000 that equates to an interest saving of around $3,000 per year.”
For larger businesses, the average interest rate has fallen from 7.10% to 3.40% over the past six years. With a total $747 billion in outstanding loans to large businesses, they are saving $27.6 billion on interest repayments.
You can read the full article here.
Your friendly mortgage broker,
Terry
