Please note that this content has been designed for informational purposes only and does not constitute individual financial advice.
As the noise of COVID is slowly replaced by the noise of a rising OCR (Official Cash Rate), and what this means for mortgage rates, it can be easy to be sucked into the hype.
But it’s important to keep in mind that the impact of a rising OCR depends on your individual situation – like the level of your mortgage debt, or when you’ll be needing to refix.
If you only have a mortgage of around $100,000, for example, you might be impacted less than if you had a mortgage of $1,000,000 (though this would also depend on your income and cash surplus).
And if you don’t have to refix your mortgage for another year or more, you might – by sheer luck – miss the worst of the mortgage rate hikes.
If you’re worried what the impact of rising interest rates will have on your mortgage and what you can do to mitigate them, it’s worth chatting with a financial adviser from enable.me.
Whatever the case – the most important thing to think about in the face of rising interest rates is giving yourself ample wriggle room to weather these rising costs.
Listen to the full conversation between Hannah McQueen and Lloyd Burr about how to mitigate the impact of a rising OCR on Lloyd Burr Live.
Disclaimer: This blog post is for informational purposes only and does not constitute individual financial advice. If you’re interested in receiving personalised financial advice, you can book in a consultation with an enable.me coach. Costs apply.