With a large portion of people having fixed rates over the last 1-3 years, when your fixed rate ends, we can expect rates to jump from 2% to 5+% in the blink of an eye.
Ensure your parachute is attached so your landing experience is as comfortable as possible by following these tips:
- Check when your fixed rate is due to end
- Check ahead of time what your repayments will be after the fixed period ends and ensure this will still fit into your budget
- Adjust habits where required to manage your lifestyle, debt reduction, and wealth growth
- Don’t expect your lender to offer you the best market rate when your fixed rate ends. Speak with us to negotiate a better rate and refinance when needed
- Leverage your relationship with your financial planner or accountant to provide guidance
