Wondering what rate changes mean for you? There are some measures you can take to help soften the impact.
Whether you’re one of many Kiwis with a home loan or looking to borrow, now is a great opportunity to review your options.
By using this time to make a plan, you can be well-positioned for what’s to come.
Prepare for change
Borrowers with a fixed rate home loan may not be feeling the pinch of higher rates right now, but getting organised for when your fixed rate expires can help you in the future.
Make sure you understand your current interest rate and keep in close communication with your local mortgage broker as rates change.
Refresh your budget
Take a close look at your budget, factoring in your current and potentially increased repayments so you can adjust your spending if needed to feel more financially fit.
Make extra repayments
Paying more off your mortgage isn’t always possible, however any extra you can contribute could result in significant interest savings over time.
Explore refinancing
Now could be an excellent time to investigate other options, weigh up the pros and cons of refinancing and discuss opportunities with a specialist.
Speak to an expert
Whether you have a question about your mortgage repayments or you’re looking to borrow in the future, a Mike Pero Mortgage Adviser can help you explore your options.
If you’re planning for your future or starting your next chapter, we have the local knowledge and expertise to help you determine your property’s value. Get in touch today for a free property appraisal.