December 22, 2016
What's happening with interest rates?
Interest rates are probably the last thing on your mind at this time of year. However, chances are that interest rates will be on the rise (albeit moderately) next year. We've seen lenders increase both variable and fixed rates in the last 2-3 weeks.
So, here's your holiday homework...please take some time to review your finances. Ask yourself...
"How would rate increases affect me?" Consider your mortgage, car loan, credit card, personal and business loan, equipment finance etc. Make sure your budget has room for possible higher repayments, should your interest rates increase.
Time to fix?
With rates possibly rising, perhaps you would like to put some or all of your mortgage on a fixed rate? Watch this short video on the Pros and Cons of Fixed v Variable Mortgages.
I'll be in touch next year providing further updates, both through my weekly website blogs and with my next monthly newsletter, straight after the RBA's next rates review on Feb 7th.