These days, a lot of media attention revolves around the so-called fixed rate cliff — the thousands of mortgage holders whose repayments will skyrocket once their fixed rate terms expire in the coming months.
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With what seems like an endless amount of RBA rate rises, it’s little wonder more Aussies than ever are choosing to refinance their mortgages for a better deal. But when making the educated decision to change lenders, there are a few things borrowers should consider before making the switch.While it’s true; refinancing can be a great way to save money on repayments and reduce the overall cost over the life of your loan, there are still common mistakes borrowers make when navigating the home loan market. So if you think you’re ready to refinance, consider these 6 things, before signing on the dotted line.
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Which Big Four Banks – CommBank, Westpac, NAB, or ANZ – have correctly called cash rate movements over the past year? And what could this tell us about rising interest rates in 2023?
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Women continue to trail behind men in home ownership by 3%, according to Corelogic’s annual Women and Property Report for 2023.
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Last year, Commonwealth Bank introduced a green home loan offer, which rewards new and existing customers for reducing their dwellings’ environmental footprint.
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Whether you’re paying a higher interest rate than you’d like or your current home loan doesn’t offer the features you need, it would be a mistake to stick with it. Unfortunately, many Australians are unaware of their options and wind up doing just that. If you feel your home loan isn’t up to scratch, here are a few things you can do.
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The era of rate hikes is far from over. Unusually for the Reserve Bank of Australia, last month’s cash rate announcement and meeting minutes flagged the board’s intentions to announce more rises in the coming months, all to curb runaway inflation that has yet to slow down.
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The threat of ‘mortgage prison’ has been bearing down on Aussies in the wake of continued interest rate hikes and tightening economic conditions. However, many borrowers still have a chance to avoid this trap.
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As interest rate hikes continue to pressure household budgets, more borrowers are beginning to feel the pinch with most doubtful that the pressure is going to let up anytime soon.
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Australian property sale settlements have almost doubled over the last 4 years according to new information from data research firm, PEXA.
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