Trapped, teetering or in real trouble, there are things mortgage holders can do. By Nicole Pedersen-McKinnon
Hi Nicole, my variable interest rate has climbed to 5.99 per cent while I waited and wondered whether to fix my rate. We only took out our smallish, $350,000 mortgage for a new home at the beginning of this year. Now, I fear it’s too late and we are at the mercy of any future interest rate rises. Is this mortgage prison? I certainly feel trapped in a scary situation. What can we do? Money is so much tighter than it was six months ago. Thanks, Jess.
As uncomfortable as the interest rate increases to date have been, they have only risen by 2.5 per cent. That implies you still have some ‘fat in your finances’ – as much as they might feel stretched to the max. So not only would a refinance make a material difference to your cost-of-living pressures, you should have no trouble passing a fresh test and qualifying for it.
Ahead of that – and provided the issue is more short-term and largely a function of this Reserve Bank rate rise cycle – all sorts of loan leniency will be available direct from your lender.
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