Are you feeling the impact of increasing interest rates on your home loan?
You’re not alone.
When combined with cost-of-living pressures and the barrage of bad financial news in the media, financial stress increases as many of us feel the impacts.
When it comes to your home loan, there are some proactive steps you can take right now:
Don’t panic
Receiving another letter to advise of another interest rate hike on your home loan can be scary. However, it’s important not to panic; take a step back and assess the impact calmly.
Review
When was the last time you reviewed your home loan?
Considering all the changes over the last few months and with more to come, now is the ideal time to review your home loan to ensure it remains appropriate for your circumstances and the changing economic climate.
Some important things to assess are the health of your home loan, your current interest rate and repayments if your fixed term is ending soon, any fees and charges, and if there are other products available that could be better suited to your circumstances.
We can help you review your home loan.
Restructure
If you’re feeling some financial pressure, restructuring your home loan could be an option.
Restructuring your loans will ensure your home loan products are aligned with your goals and objectives. It will also ensure you have the right mix of variable vs fixed and help you get your finances back on track
Reprice
Most people know they can refinance a home loan, which generally involves moving to a new lender with a new loan and terms. However, repricing is another option that comes with some distinct advantages.
Repricing allows homeowners to move to a new, more competitive home loan package with the same lender and can be executed relatively quickly and cost-effectively compared to refinancing.
Contact Us Today
Regardless of your circumstances, the team from Ledge Finance is here to help.
For expert advice and to explore your options, contact Jonathan, our Ledge Home Loan Specialist, today at secure@ledge.com.au or 6318 2777.
