Episode 47 ⋅ 14 February 2023
How Do I Manage Rising Mortage Rates?
In the last year alone we've seen a historically significant rise in interest rates in such a short period of time. With such a quick increase, its no surprise that its caught a lot of people off guard. So, what can you do to help manage these high interest rates? Tune in to this episode to find out!
What's in this episode?:
With interest rates on the rise, many of you are feeling the pinch – especially those with a mortgage! So, what steps can you take to help deal with the extra interest payments? Tune in to see what you can do to cut costs and give yourself more flexibility in the short term.
In this episode we cover:
- Why extending your mortgage may be an option for you to consider, especially if you are well into your mortgage term
- The pros and cons of having a fixed rate vs a floating rate mortgage and how you can take advantage of each option
- Why paying interest only on your mortgage could be an option to consider to help you with flexibility in the short term
- Who you can go to for financial planning support i.e, your bank, friends and family, and community resources.
Great resources mentioned on the podcast are:
49. 5 Timeless Money Lessons
48. How Might A Change In Gov. Policy Affect Me Financially?
49. 5 Timeless Money Lessons
You need an emergency fund!
Budgeting: how to pay yourself first
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