Feeling a little squirmy about the rate rises we’ve been hearing alllll about? Totally natural, and yet totally not what-you-want-to-be-feeling-right-now!
That’s why we’re here to share what you could expect and what you can control.
How do I find out my rate?
Typically, it’s up to you to track your interest rate by logging in to your banking app or website (then digging around to find your loan details).
What is my rate moving to?
Here we highlight the lenders’ overall rate changes, which is great to keep an eye on given they tend to behave a little differently. But a heads up that your own interest rate will depend on your specific home loan product.
Our home loan experts can help you review your rate and repayments.
When will my rate actually change?
When banks and lenders announce their rate rises, they’ll include an effective date – ie. when your home loan will begin to be calculated at the new rate.
When will my bank up my repayments?
It’s up to each lender if and when they change their rates. Once they’ve decided, each lender will set a start date for their rate changes , but your repayments may not increase immediately after (eg. if they’re already above the minimum, or only set to change after a certain time period).
Importantly, your bank will give you a heads up when your repayments are changing. Phew!
I’m on a fixed rate, will my rate change?
Not if you’re fully fixed – these changes are usually specific to variable interest rates. However, if your fixed rate is ending soon you may want to plan ahead by chatting to an expert to see what rate you can potentially get.
Will the rate rises continue?
We don’t have a crystal ball sorry (still working on that) 🙄 but we will keep you posted month to month if you’re signed up to our emails.
Is it too late to fix my rate?
In a nutshell, the days of getting a low fixed rate are gone. But it’s worth chatting to an expert to understand the pros and cons to decide whether getting a fixed rate mortgage is the right move for you.
Can I get a better deal?
If you’ve been loyal to your lender for some time, or one of these scenarios rings true for you, chances are you could get a better rate.
Hot tip: Lenders typically offer better deals for new customers (especially in a scenario like this) – so refinancing now could help you save.
Chat through your situation with a friendly home loan expert.
