𝗔𝘀 𝘄𝗲 𝗺𝗼𝘃𝗲 𝗳𝘂𝗿𝘁𝗵𝗲𝗿 𝗶𝗻𝘁𝗼 𝟮𝟬𝟮𝟰, 𝗺𝗮𝗻𝘆 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮𝗻𝘀 𝗮𝗿𝗲 𝗳𝗮𝗰𝗶𝗻𝗴 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝘀 𝗶𝗻 𝘁𝗵𝗲𝗶𝗿 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗲𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮𝘀 𝘁𝗵𝗲𝘆 𝗰𝗼𝗺𝗲 𝗼𝗳𝗳 𝘃𝗲𝗿𝘆 𝗹𝗼𝘄 𝗳𝗶𝘅𝗲𝗱 𝗿𝗮𝘁𝗲𝘀.
If you've transitioned recently from a fixed to a variable rate, or your fixed term is about to expire, here are some strategic actions you can take to manage this change smoothly 📈
✦ 𝗥𝗲𝗻𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗲 𝗬𝗼𝘂𝗿 𝗟𝗼𝗮𝗻 𝗥𝗮𝘁𝗲
Contact your bank to negotiate a better interest rate. Present any lower rates offered by competitors as leverage in your discussions.
✦ 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁-𝗢𝗻𝗹𝘆 𝗥𝗲𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀
Look into switching to interest-only repayments to help manage cash flow. Please note, your repayments will increase once the interest-only period expires.
✦ 𝗥𝗲𝗳𝗶𝗻𝗮𝗻𝗰𝗲 𝗬𝗼𝘂𝗿 𝗟𝗼𝗮𝗻
Look into refinancing to secure better rates and potentially extend your loan term to reduce your monthly repayments.
✦ 𝗦𝗲𝗲𝗸 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲
Engage a professional to help develop personalized strategies and tailored solutions.
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At SONI Wealth, we've assisted many first-time buyers through navigating government programs, discovering promising locations, and making informed decisions about Rentvesting and co-buying.
Book you no-obligation consultation with our team today. Let us clarify your questions and help you start your home buying journey with confidence.