If you are finding it tough to meet your current financial obligations or you are just interested in reviewing your current home loan, then you are not alone.
Turbulent does not even begin to describe 2020 so far. As a result of COVID-19 and not forgetting the bushfires, thousands of Australians are out of work, with Treasury predicting that the jobless rate will double in the June quarter from 5.1 per cent to 10 per cent. Many others have had their hours reduced or have been temporarily stood down.
In this period of uncertainty, at the very least many will be taking a closer look at their finances to make sure their current loan arrangements are right for them. Australian Loans Group has the experience and knowledge to assist in a variety of situations and wea are simply a phone call away. We are in regular contact with the lenders on our panel and we understand the different options currently on offer.
And while the options can seem straight forward, it is easy to miss the details and differences that can add up, particularly over a 30-year term. For example, a number of banks are offering to temporarily freeze mortgage repayments for three or six months. While this may seem like a good option, it is important to fully understand the implications. This could mean that the total debt will increase. Of course, depending on an individual’s circumstances, there may be a number of available alternatives that may reduce repayments while not increasing your interest bill as much in the long term.
Refinancing too may be on the minds of many as a result of the Reserve Bank cutting rates and banks passing them on, to varying degrees, as well as access to a range of competitive fixed interest rate options in the market.
While a simplistic view of what constitutes a great mortgage is the one with the lowest interest rate, it’s very important to note that what suits one person might not necessarily suit another. For instance, fixed interest rates can offer piece of mind as interest rates increase, but they can be the cause of anxiety if rates fall or if unforeseen circumstances require a change.
No matter what your circumstances are, Australian Loans Group can actively assist you in navigating your current situation. So, if you’ve been thinking about reassessing your finances and have not reached out to us yet, please feel free to do so. We offer no obligation consultations and we are confident you will be better off for having dealt with us.
Get in touch via our online contact form or simple give us a call on 03 8589 8952.