Although interest rates are currently on hold, there is a likelihood they will rise next month if not in December.
According to Phil Naylor, CEO of the MFAA says that 'families really should take the time now to prepare for upwards rising rates.' The MFAA is recommending borrowers follow four simple steps:
1) Evaluate opportunities to save money within the parameters of their home loan contracts by undertaking a home loan health check.
2) Negotiate any changes to existing mortgages with lenders.
3) Monitor household budget and keep spending in check – especially in lead-up to the Christmas season.
4) Manage debts, ensure adequate repayment plans.
Comparing home loans is not as simple as comparing rates alone. The flexibility of repayments, the levels of service offered by a mortgage lender and other features of the home loan must also be considered.
If you need help with a home loan, or require a home loan refinance, speak to one of the mortgage brokers at Intellichoice on 1300 55 10 45.
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