Somerville Office
Phone 03 5977 5111
6D Eramosa Road East, Somerville, Victoria (See Map)
chris@walshconveyancing.com.au
How to avoid higher monthly mortgage repayments
What to do when your home loan fixed rate term expires
If your home loan fixed rate term is ending soon, you need to take action ASAP.
When you come off your home loan's fixed interest rate term, your bank will automatically place you on a variable revert rate.
This rate is usually significantly higher than what you were paying during your fixed term. This means you could see a significant increase in how much your repayments cost you each month.
With the rising cost of living, significantly higher home loan repayments are the last thing you need.
The good news is that you don't have to accept the revert rate. You can negotiate with your lender and ask for an interest rate discount. If they won't give you a discount, shop around to see if there's a better deal out there and consider refinancing your home loan to another lender.
If you would like some help reviewing your home loan, our friends at Violeta Finance are offering a Home Loan Interest Rate Review. Contact the team at Walsh Conveyancing on 03 5977 5111 for details on how you can take advantage of this offer.