Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we will offer some practical tips for managing the increasing interest rates on mortgages. We explore some options for you to consider with your existing lender, negotiating the interest rates they offer you as well as what to look for when comparing rates with lenders.
We also offer potential options for those struggling with mortgage repayments due to cash flow issues. These options include talking to your lender, switching to interest-only repayments, using redraw money or drawing money out of other investments, considering selling the property, and seeking advice from a financial adviser to help you navigate through it.
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights
Practical tips for managing increasing interest rates on mortgages
Exploring options with existing lender
Negotiating interest rates
Comparing rates with other lenders
Refinancing or consolidating debts
Reviewing household expenses
Making extra repayments
Difficulty of managing interest rate increases with inflation
Five potential options for managing mortgage repayments due to cash flow issues
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