With interest rates on the rise at the moment, there are many borrowers who are currently with fixed rate home loans that are approaching their expiry period. When that day finally arrives, it may be a bit of a shock as there’s a good chance the repayments will be higher than the current repayments.
Preparing for higher repayments
If you’re one of the borrowers who are currently with a fixed rate mortgage, it’s almost certain your repayments are about to go up – and in some cases, they could be significantly higher than what you’re currently paying. If you’re not prepared for this change, it could lead to some big financial problems down the road.
There are a few things you can do to prepare for this situation. First, take a look at your current financial situation and see if there are any ways you can cut back on your expenses. This will help you free up some extra cash that you can put towards your mortgage repayments.
Review your options
Secondly, review your home loan options. There may be a way to refinance your mortgage and get a better interest rate. However, you will need to weigh up the costs of doing this against the potential savings.
This is where having a mortgage broker can be so valuable. With access to the top Australian lenders, they can help you find a loan that is ideal for your situation. But don’t wait until it’s too late!
Get in touch today and make sure you’re not caught unprepared.
