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Fixed Rate Home Loan Update

If you are a mortgage holder, you are probably keeping a close eye on Fixed Rate home loans and how these changes will effect your monthly budget. A fixed interest rate home loan has a fixed interest rate period of 1 to 5 years. Before you change over to a fixed rate or review your […]

How To Prepare For A Possible Interest Rate Increase in 2022

Interest Rate Increase 2022 Launch Finance

The number one talking point in home loans today is whether the variable interest rates will rise in 2022. The Reserve Bank has confirmed they will, however there has been no indication of when in the year this will occur. So, what can you do to prepare for an interest rate rise? Firstly, you should […]

What Happens After the Interest-Only Period Ends?

Borrowers may choose to pay interest-only on their loan for a specified period of time, subject to the lender agreeing to this.  When the interest-only period is due to expire, the monthly loan repayment will revert to principal and interest. When this happens, your monthly repayments will be higher because you are now also paying […]

Interest-Only VS Principal and Interest Loans

When you take out a loan with a lender, the lender will calculate the loan repayment based on the term of the loan (how many years you have taken the loan out over) and the interest rate.  The monthly payment will be calculated to ensure the principle (the amount you borrow) plus the agreed interest […]