Interest rates are increasing month to month so it’s normal to wonder which is the best option for you.
Some clients will suffer from rate shock when their fixed rate expires. The letter you receive from your lender can be confronting to say the least.
This may come down to your own personal situation – did you apply for your home loan at the maximum loan and living from week to week eg income has been reduced, studying, stay at home parent responsibilities or relationship breakdown?
Some clients found themselves in a position where they bought new vehicles when the interest rates were low. With the second hand car market so hot and high prices for cars it’s not surprising people were seeking new car purchases with the reliability factor and warranty.
The cost of living has also risen, so looking at your weekly expenses and reducing the grocery expenses are not always an option.
Fixed loans requests have had a 50% reduction recently – possibly a sign variable interest rates are in favour.
If you would like to discuss your loan situation, and possibly reduce your current interest rate please call 0403 211 361 to have a chat.
