For many people, the end of their fixed-rate mortgage will mean a huge jump in payment amounts, but there may be ways to mitigate it.
The RBA expects 880,000 fixed-term mortgages will end this year, meaning higher repayments for those behind them.Here's what you can do to try and get a better deal.
"Banks typically roll customers on to their revert rate [the variable rate the loan 'reverts' to], which is usually horribly uncompetitive.More than 800,000 people facing 'significant' rate hikes RateCity looked at a scenario where a customer had inked a $500,000, 25-year loan on a two-year fixed term in May 2021 at a rate of 1.92 per cent — which it said was the average at the time. It said they would be paying $2,099 a month.
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