The key to saving your home might be in this newsletter!
Hey there,
The rates are getting ugly, folks!
These interest rates are on what feels like the climb to Everest and it doesn’t feel like it’s coming down anytime soon.
Especially for homeowners, it’s a tough time for repayments.
Some people are lucky and have had fixed interest rates that have been relatively low.
But like all good things, everything comes to an end.
But when those rates come to an end, you have to be prepared.
If you happen to have a fixed rate that is ending soon, you need to be prepared.
Planning ahead is easily one of the best things you can do for you and your family.
No one wants to be put into a situation where you’re forced to sell your home.
I’d hate for any of you to get to that point — so let’s do some damage control!
The first thing we have to look at is your budget right now.
With the way you’re spending currently, would you be able to make the repayments at that 6-7% interest rate?
Then we have tough choices to make if our answer is that we can’t make the repayments.
Here are our options:
Let’s look at any unnecessary spending and see what we can cut out or limit.
We may need to look at finding ways to increase our income, such as taking more shifts or overtime.
It could even be time to talk about a raise with your boss.
Talking to a mortgage broker is also a great idea!
Looking at restructuring your loan or refinancing could lessen the pressure and get you the best deal.
If you have some equity in your home and the serviceability is ok, then you might even be able to create a buffer for yourself.
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This would mean drawing some of that money out and putting it into the account where your repayments come out from.
This way the pressure is off you for a little while or even a few years whilst the storm passes.
Buy yourself a little time to evaluate what your next steps are!
Ultimately, what we want to do is exhaust all of our options and make sure we have done everything we can.
There are plenty of things we can do here before we have to go to worst case scenario.
The most important thing is that you be proactive and not reactive.
Looking into everything now will give you time to figure out what your next steps are.
You don’t have to do it by yourself, it can be an intense time.
That’s where reaching out to the right experts such as great brokers and great advisers is really going to help.
They can take some of the stress away by having a game plan in place, which gives you direction.
So just remember…one step at a time and plan early.
Until next time.
Steve
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PS: Whenever you're ready,?there are three ways I can help you…
1.?Did you know that every year, Australians are paying?their bank thousands of dollars more than?they need to on?their mortgage? Many folks don’t realise?they’re sitting on home loans year after year that are not?the?best fit for?their situation.?
If you want to know if this might be you, book a free 15-min call with our mortgage broker Eddie and he can make sure you’ve got?the?best loan for your situation
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2.?Also, if you haven’t seen?the?latest video trainings our team has done on:
You can find all 6 videos here:?
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3.?And if you ever want to get some 1:1 help with your personal finances, we can jump on?the?phone or on Teams for a quick clarity call and find out where you are right now, where you want to be with your money and lifestyle, and if we can help or not.?
We can?then make a roadmap for?the?next best step for you to take to get closer to your financial independence.
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General advice disclaimer:?The?information contained within this post is general in nature and does not take into account your personal circumstances. Please reach out if you wish to discuss your personal situation.