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  • Insights, Loan basics
Coping with rising interest rates: Simple strategies for relief

Oktay Sengoz

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28/06/2023

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1 min read

As interest rates continue to rise, borrowers are feeling the impact on their mortgages.

To help you alleviate the burden of increasing mortgage repayments, we’ve compiled some practical tips.

By following these strategies, you can temporarily mitigate the effects of rising interest rates.

Review and be aware of your current home loan interest rate

Many borrowers are unaware of their current interest rate, despite the significant number of rate increases in recent months. Take the time to know your rate and understand how much you are paying back to the bank.

Negotiate with your lender

Lenders often prefer to retain their customers, giving you an opportunity to negotiate for a better home loan rate. Regularly contact your lender (every 3, 6, or 12 months) to explore the possibility of securing a more favourable deal. Our team also provides this service to ensure our clients always receive the best offer in the market.

Research the market for competitive offers

Once you have assessed your current rate and attempted negotiation with your lender without satisfactory results, it's time to compare rates in the market. Our team continuously evaluates over 40 different lenders to uncover the best offers, including exclusive "under the table" options.

Consider loan restructuring

If reducing your interest rate or refinancing is not feasible, explore the option of restructuring your loan. Adding an offset account or switching to an interest- only 3 loan for a temporary period can help alleviate the pressure of increased mortgage repayments.

Implementing the above tips is quick and cost-free, potentially saving you thousands of dollars. We strongly recommend taking these steps as soon as possible. If you prefer assistance from Kredi, our Financial Consultants are available for a complimentary 15-minute consultation. Click the button below to book your session.

Remember, by being proactive in managing your mortgage in the face of rising interest rates, you can achieve financial relief and secure a better future.

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