The Reserve Bank recently increased official interest rates by 0.25 percentage points and has signalled more rate rises are on the way.
But don’t panic. Instead, fight back…
How?
By refinancing to a comparable home loan with a lower interest rate.
I work with a large panel of lenders, many of which are offering special deals to people who refinance, so there's a good chance I can help you switch to a lower-rate loan.
By doing so, we can help offset any future rate rises.
Keep in mind, when you refinance, you'll have to go through the same qualification process you experienced when you took out your current home loan.
So, get on the front foot and look for ways to reduce your expenses and increase your savings rate–and give yourself a fighting chance!
Consider lowering your credit card limit as a higher limit will reduce your borrowing capacity, even if you pay off your entire credit card debt each month.
Maintain, or even increase your credit score by paying all your bills on time, and, possibly, closing out any personal or car loans you might have.
For more tips on how to improve your refinancing opportunities, and to get started, give us a call today!