Interest rate is the cost of borrowing money. It is usually expressed as a percentage of the amount borrowed, and is paid to the lender over time. Interest rates can be fixed or variable, and are typically set by banks and other financial institutions.
In the context of CoreProp, interest rates are an important factor to consider when financing a property investment. The higher the interest rate, the more you will pay in interest over the life of the loan. This can have a significant impact on your overall return on
investment.
There are a number of factors that can affect interest rates, including:
- The Reserve Bank of Australia's cash rate
- Inflation
- Economic growth
- The level of risk associated with the loan