<

I understand there could be challenging periods ahead for mortgage holders, given the recent cash rate rise, and I want to reassure you that I’m here to assist.

If you’re wondering what this means for you and your wallet, I’ve answered some common questions below.

What’s the impact on homeowners?

Lenders often pass on the rate rise to variable loan holders via an increase in their variable interest rates. Even a small increase in your variable interest rate could have an impact on your repayments.

How much more could I pay?

This will vary for everyone depending on the value of your loan, what’s owing and your loan structure (fixed versus variable).

As an example, say you’re a homeowner who purchased a property for the price of $999,037 with a 20% deposit. Your monthly repayments might jump from $3,365 to $3,765 if the cash rate were to hit 1 per cent and your interest rate increased from 2.99 per cent to 3.89 per cent. That’s an increase in repayments of $400 a month.

What do I do if I can’t make my repayments?

With interest rates likely to continue going up, it’s important not to be complacent if you think you may have difficulty meeting your repayments.

The first step is to speak to me, but here are some options to consider:

  • request a lower interest rate
  • switching to interest-only repayments
  • fixing your interest rate so you can budget for repayments
  • asking for fees and charges to be waived
  • consolidate debts to make repayments more manageable.

I’m available to discuss these options, so please don’t hesitate to get in touch today.

 

MORTGAGE INNOVATIONS

We’re a family-owned business with around 8 staff, 15+ years experience and more than $500M of approved loans. By taking time to understand your requirements, we help make your dreams come true with caring, professional service.

Our team of specialists including Gold Coast Finance Brokers, Medical Mortgage Brokers, Varsity Lakes Mortgage Brokers, Gold Coast Mortgage Brokers and Southport Mortgage Brokers  will find the right loan for you.

LET’S GET SOCIAL

See Privacy Policy  | Terms and Conditions © 2023 Mortgage Innovations - All Rights Reserved | Mortgage Innovations Pty Ltd CAN 128 840 040 is authorised under LMG Broker Services Pty Ltd Australian Credit Licence 517192.

Website Design by Gold Coast Graphic Design | Development by Peritum Studios

IMPORTANT LEGAL STUFF:

This page provides generic information only; it was created without considering your individual goals, requirements, or financial condition. Before accepting any offer or product, we advise you to think about whether it is appropriate for your situation and to assess your entire financial status. It is not intended to be legal, tax, or financial advice, and you should always obtain a professional's opinion regarding your particular situation. All loan products are subject to lender requirements and approval. Fees, terms and conditions apply.

Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.