With the Reserve Bank of Australia increasing the cash rate 12 times since May 2022, home owners are concerned about ever increasing home loan repayments. There are some strategies, we can assist you with, to reduce the impact of rising interest rates.

Contact an Assured Lending Mortgage Broker to discuss your home loan today

Negotiate with your lender

If you are currently on a variable interest rate or about to come off a fixed interest rate, an Assured Lending Mortgage Broker can request a rate discount from your current lender on your behalf.

Refinance to a lower interest rate

If your lender is not willing to offer you a competitive rate, we can provide you with options for other lenders that will. We will discuss the costs to refinance and can also look at lenders who are offering refinance cashbacks to cover those costs.

Consider changing your loan terms

If your struggling to meet the repayments on the current high interest rates, we can look at options for interest only repayments until the rates start to reduce. We can also discuss potentially extending your loan term. By spreading the cost of the loan over a longer period, you will decrease your monthly payments. These changes can mean paying more interest over the loan’s lifespan so we will help you weigh out the pros and cons of any changes before proceeding.

Fix your home loan

Fixing your home loan can be a good strategy for managing rising interest rates. By locking in a fixed rate, you can avoid the risk of further rate hikes and potentially save money on your mortgage repayments.

Consolidate debt

Debt consolidation brings your existing debts together into one loan, and can significantly reduce your overall monthly expense. It also means no multiple annual fees and one regular repayment, with one interest rate. You can consolidate a range of debts such as credit cards, personal loans, car loans, tax debts etc. Consolidating debts into your home loan can result in paying more interest over the life of the loan so we will discuss the pros and cons with you before proceeding

Contact an Assured Lending Mortgage Broker to discuss your home loan today

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