Australia\’s Increasing Interest Rates & How a Mortgage Broker Can Help

Interest rate increase: Australia\’s increase in interest rates has caused a lot of discussion recently. Many people are wondering what this means for them, and whether they should take any action. If you\’re one of these people, it\’s important to know that you don\’t have to go through this process alone.

A mortgage broker can help guide you through the process. Keep reading for more information on Australia\’s increasing interest rates and how a mortgage broker can help!

Australia\’s Increasing Interest Rates

Australia\’s Reserve Bank recently raised interest rates for the fifth consecutive month to a seven-year high. This decision was made in an effort to mitigate inflationary pressures.

The recent change has caused home owners across Australia to wonder what this will mean for them. Will their mortgage repayments increase? How will this affect their ability to pay off their home loan?

A mortgage broker can help answer these questions and provide guidance on the most suitable way forward. They can also help you compare interest rates from different lenders, so that you can find the most favourable solution for your situation.

If you\’re worried about how Australia\’s increasing interest rates will affect you, talk to a mortgage broker today. They can help ease your concerns.

How a mortgage broker can assist you

A mortgage broker is a professional who can help you navigate the process of finding and applying for, or refinancing a home loan. They have access to a range of lenders and products, so they can find the right option for your individual circumstances.

When you speak to a mortgage broker, they will ask about your financial situation and goals. They will then assess which lenders are most likely to approve your loan application. From there, they will work with you to choose the right loan product and package.

Benefits of using a mortgage broker when interest rates increase:

There are many ways a mortgage broker can help you with the current rising interest rates in Australia:

• A mortgage broker can help you understand where you stand financially as interest rates fluctuate and work with you to find solutions that improve your overall financial situation.
• If your fixed-term agreement is coming to an end, contact a mortgage broker regarding your refinancing options. Another lender may be able to offer a more competitive interest rate.
• Your mortgage broker might offer debt consolidation options as a solution if you have multiple debts with different interest rates. This can potentially save you money in the long run as well as simplify your finances.
• You may be able to take advantage of a loan offset account which could help reduce the amount of interest you pay on your home loan. Click here to read more about how to use an offset facility to your advantage.
• A mortgage broker can show you some options and help you figure out if a fixed or variable home loan is most suitable for your individual situation.

About Integr8 Finance – Teri Maloon

Teri is a mortgage broker based in Melbourne, Australia with more than eight years of foreign and Australian financial planning and broking experience. Teri has the qualifications and credentials to guide you through the appropriate strategy to secure a loan suitable to your requirements. Her priority is to help smoothly navigate the legalities and the loan process proficiently to achieve favourable outcomes for her clients.

As a mortgage broker, Teri believes in operating with honesty and integrity. Teri has built a solid reputation in the industry and takes great pride in being able to offer her clients reliable service. Teri’s ultimate goal is to make the home buying process as straight forward as possible for her clients.

Her experience has taught her that no two home buyers are the same, and she is committed to finding the right mortgage solution for each individual client.

Click here to read some of Teri’s reviews.

Integr8 Finance Solutions

Integr8 Finance Solutions focuses on clients who would benefit from an integrated approach to get the comfort of working together with like-minded professionals who can provide a genuine, positive home loan journey and experience. Our focus is to create a healthy financial lifestyle by providing the support, nurturing and education that is required through our process of tailoring a solution that most suitably fits your circumstances. Working together with a team of highly educated professionals who can give you guidance on your overall financial portfolio has proven a sense of comfort, and our aim at Integr8 Finance Solutions is to give you the genuine care that you deserve.

Frequently Asked Questions: Interest Rate Increase

What happens if interest rates are increased?

It depends whether you have a fixed-rate mortgage or not.

If you have a fixed-rate mortgage, rising interest rates will have no impact on your loan. If you have a variable-rate mortgage or get a new mortgage, your monthly payments could go up with an interest rate increase.

Is it better to buy a house when interest rates are high?

Although it may not appear that way, there are advantages to people buying homes when interest rates go up. With fewer buyers in the market, prices for houses tend to drop, leading to more choices.

Will house prices drop if interest rates go up?

Usually, when there is an interest rate increase, demand from buyers falls and house prices drop. When interest rates are high, people are less willing to take out mortgages, stifling the demand for housing and causing prices to either drop or stay the same until rates fall.

Contact Teri Maloon

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This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.

Topic: Interest rate increase