How do the changes to the official cash rate (OCR) actually impact you?

Learn how to assess what the official cash rate changes actually mean for you when it comes to your personal financial situation.
Lloyd Burr Live with Hannah McQueen

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.

Share this article

Continue Reading

More insights to help you on your financial journey

Christmas Without the Credit Card Hangover: Smart Holiday Spending Tips

Christmas can be one of the most expensive times of the year, but it doesn't have to leave you stressed or starting the new year in debt. In this episode of Where's My Money?, Karen from enable.me joins host Reagan White to share practical tips for planning ahead, managing expectations, and focusing on what really matters during the festive season.

Buyer Beware: Is Direct Insurance Too Good To Be True?

Direct insurance ads are everywhere right now, promising quick and easy cover. But the fine print can hide a big risk. Here's why knowing when your policy is underwritten matters just as much as knowing what it costs.

Free Money or Future Money? What Do You Really Do With Your Entrust Dividend

Every year, thousands of Auckland households receive the Entrust Dividend and most of us have already decided how to spend it before it even lands. But what if this "free money" could do more than just disappear?

Ready to Take Control of Your Financial Future?

Our expert financial coaches are here to help you achieve your goals. Book a financial consultation or give us a call today.