It’s getting tougher out there folks. Interest rates are on the rise and inflation is hitting us pretty hard.
In most cases, our wages aren’t increasing to compensate, and the government doesn’t appear to have any realistic ideas about how to help everyday Kiwis, so we’re going to have to help ourselves. Rather than trying to predict where the market will take us and when interest rates will start reducing, we should instead think about how we can minimise the impact on us.
Pay off your mortgage faster
The best protection against rising interest rates is to pay off your mortgage faster, which you could do by making lump sum payments or increasing your regular loan repayments. But for some people this may not always be possible, especially if you have extended yourself financially to buy your first home. So, what else can you do?
Look at how your existing lending is structured
Do you have a fixed mortgage that’s due to expire off its fixed term within the next 60 days? If so, now’s the time to speak to the team at Wayne Henry Mortgages. We can look to lock a rate in BEFORE your loan expires OR look to restructure your lending to spread your risk against further interest rate rises.
Alternatively, if your mortgage is not due to expire anytime soon, it may still be worthwhile speaking to the team to see what options are available.
The team have been doing this for a while and we really know our stuff – every Kiwi has a different situation so sitting down and having a chat, will help us understand your goals and needs so we can suggest a solution for you – whether that be restructuring at your existing lender or exploring your options with other lenders.