With the fat in most borrowers’ finances well and truly gone and the pain now real and far-reaching, here are some ways to try cutting your repayments.
Last week’s rate hikes turned the mortgage screws all the way up to 4 per cent. Moreover, what’s vital to realise is, to be approved for a home loan in the first place, you must show you can handle a 3 per cent tightening – the required income stress test.
If that doesn’t work, indicate your intention to refinance by filling out what’s called a mortgage discharge form, or some such, which you will find online, or your lender can send you. Don’t miss that both of these strategies are predicated on your lender believing you can leave. It will have no idea otherwise as this insight would require a fresh serviceability assessment.
Now, lenders – even your existing one – do have to do a fresh serviceability assessment if you make material changes to your loan.
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