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HLIR019 How interest rate changes affect your mortgage (512 words)
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Description
This article discusses the importance of understanding your home loan interest rates and how interest rate changes affect your mortgage. It includes a formula to calculate your home loan repayments and concludes with a recommendation to seek the assistance of a mortgage broker.
Introduction
Buying a home is one of the most significant decisions a person makes. In a modern landscape where the ratio of homeowners to renters decreases, the emphasis on making an informed financial decision like buying a home is amplified.
Even so, most homeowners don’t consider what home loan rates they are paying. A recent survey conducted on 1,000 Australians suggests that 55% of Australians don’t know their mortgage rate.
The financial implications for the homeowner can be detrimental. A homeowner could be paying double the interest with an interest rate increase as low as 2%.
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