Home News Rising Interest Rates

Rising Interest Rates

Font size :

Q. I currently have a variable interest rate home loan and have been reading articles about possible interest rate rises. Should I be worried about this?

 

A. It can be difficult to predict when and if interest rates are going to change. Although it is good to keep an eye on what is happening in the news, it’s best to try to focus on your situation. The best thing mortgage holders can do is prepare for possible rate rises early, so that if it does happen, it will not be a huge shock to your budget. At the moment, if you find that you are able to meet repayments comfortably, then it would be a good idea to increase your mortgage repayments slightly so you can start adjusting your budget to this change.


The great thing about doing this now is that you don’t have to increase your repayment amount drastically straight away. You can make smaller changes gradually and you may not even notice the change!


By doing this now, it will not only give you time to adjust to the changes, but you will also be able to pay an extra chunk off your mortgage while the interest rates are still low.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate

The sprawling redevelopment aims to boost the supply of affordable housing in Sydney Read more

A new suburb will be built in west Melbourne A new suburb will be built in west Melbourne Mount Atkinson will become home to more than 22,000 people over the next 15 years ... Read more

Surging house prices threaten liveability in Melbourne Surging house prices threaten liveability in Melbourne Analysts warn the city could become just as unaffordable as Sydney, if property trends continue ... Read more

More Aussies would benefit from regional hubs linked to cities More Aussies would benefit from regional hubs linked to cities Shorter commutes could spur higher home sales in regional towns, analysts say ... Read more

More mortgage news and articles

Sponsored Links

Friday, Aug 18, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords