Do you have a mortgage that is due to come off a fixed interest rate in 2022? Maybe you have one due to come off next year, or maybe you’re considering getting into the housing market for the first time. Whichever way you’re looking at it, this article has been written to get you thinking and do something now, because it really is crucial that whatever you’re doing or are about to do, you get it right.

I work with a lot of people that have come to us for some help and guidance with what to do with their mortgage. Mortgage repayments are usually the biggest expense in any household. A common theme that I’ve noticed is people are concerned about making repayments as manageable and comfortable as possible, because let’s be honest, the changes people are seeing in repayment amounts can be really scary. I recently had some clients who’s mortgage repayments were set to go up by over $300 per fortnight. After going through their situation, we were able to create some good options.  We secured them the best interest rate and structured it in a way that made the increase in interest rate a bit less painful.

A good mate of mine was talking about his lending over the weekend and he was saying about how it was going to hurt when they have to increase their repayments in the new year because of the higher interest rates they were facing. I told him that now is the time to get started and to have a solid plan in place. We talked it over and made a plan for how we are going to make sure that they get the best options on the table and secure the best deal. There’s a fair bit of work that needs to be done and timing is everything, it’s so critical these days but because we’ve started the conversation now and not in January, we can make sure they get it right. It’s all about having the options on the table and the more proactive you are, the more options you will have to choose from.

The key messages I want you to understand are: timing is everything right now, along with getting the right advice and having a solid plan in place. For my mate it will likely mean they will be able to absorb the repayment increases they were expecting.  They will save some significant money on interest repaid and have a good strategy for the future. Getting it right now will make a big difference in the coming years.

There really are a lot of options available right now and a lot of people would not even realise that some of them are even a possibility, or even an option. This is where having a specialist who deals with mortgages day-in day-out, and understands your options is such a huge advantage. It could not only save you money, but more importantly, make sure that your repayments are manageable for the future. We can help with this so get in touch and start the conversation now!

Matt Walton Summit Mortgages

Matt Walton- Mortgage Adviser, Financial Adviser, FSP1001298

My role sees me mainly helping First Home Buyers get into the property market. Having been through the process myself with a young family, I understand a lot of the feelings, concerns and excitement that working through the journey to first home ownership can bring with it. Having previously worked in asset finance, I made the change to helping people with their mortgages because, from my own experience I felt that there was an opportunity to help people better understand their mortgage and make the most of their financial potential. Making the call to a client to let them know we've got them approved is the best part of the job for me because I know what it means to the client and I can sense the excitement that the prospect of owning your own home brings with it.