Interest rate increases can be managed. We can give you a good overview of what repayments will look like after an interest rate rollover.
Options available
If the repayments seem that they might place you in a non-ideal position, there can be actions that will help. It is a lot better to move early if repayments could mean any pressure. Some of the options we see at times are:
- Going interest only – can mean a lighter cashflow but long terms costs are more
- Stretching the term – again similar, lighter cashflow short term but long terms costs increase
- If this does not work each of the banks have a hardship team, they can be contacted early if further reprieve is needed.
Feel free to contact us if you have any concerns with your repayments going forward
