In 2024, the mortgage broking landscape in Australia is significantly impacted by rising inflation and interest rates. According to Forbes, Australia’s inflation rate reached 5.4% in the year to March 2024, influenced by higher costs in housing, food, and fuel.
As a result, borrowers with expiring fixed-rate terms face potential increases in mortgage repayments, necessitating strategic financial planning.
Mortgage brokers play a crucial role in helping clients navigate these challenges by offering tailored refinancing options and financial advice to mitigate the effects of economic fluctuations.
Here are four key strategies to consider:
1. Explore Refinancing Options
Refinancing can help you secure a more favourable interest rate. Our team at MV Finance is here to assist you in evaluating all possible refinancing options, ensuring your decisions align with your financial objectives.
2. Adjust Your Budget
Take a close look at your household budget to identify opportunities for reducing non-essential expenses. This can help you accommodate higher repayments without compromising your essential needs.
3. Boost Your Income
Explore ways to increase your income, such as requesting a salary increase, taking on additional work, or starting a side business. Additional income can help you manage increased repayment amounts more effectively.
4. Consult with Experts
If you find higher repayments challenging, it’s important to seek professional advice. Maddie Visser Finance’s experienced brokers can offer solutions, including refinancing and hardship variations, to help you through this period.
Get Started Today!
If your fixed-rate term is expiring soon, don’t wait to take action. Contact MV Finance today to discuss your options and prepare for the future with confidence.
Together, we can navigate this transition and secure a brighter financial future.
