Following last Tuesdays rate hike of 25 basis points, many home experts are urging homeowners to investigate their refinancing options.
John Symond, Chairman of Aussie Home Loans, believes struggling borrowers should do their research and seek guidance on the available options.
“The latest rate rises will put pressure on borrowers with large debts, but I caution them against rushing towards fixed rate as they are already at a high premium to variable rates. The best thing they should do is seek an industry expert to review their financial situation and find them a better deal,” he said.
Many borrowers, said Symond, simply are not aware there might be a better deal out there.
“Our research shows that more than fifty per cent of customers who speak to an Aussie broker do not have the best home loan deal. Following the latest rate rise and the prospect of more to come, now is a great time to access a loan with a low rate and features that match borrower’s requirements,” he said.
“The bottom line is that borrowers should not just cop the rate rises, but do something about them by seeking a better deal with their home loans.”