Insider tips on how Australians can manage mortgage rate spikes

1. Shop around for the best mortgage rates: Don’t just settle for the first mortgage rate you come across. Take the time to shop around and compare rates from different lenders. This can help you find a mortgage with a lower interest rate, which can save you thousands of dollars over the life of your loan.
2. Consider refinancing: If you’re currently paying a high mortgage rate, consider refinancing to a lower rate. This can be a good option if you have a good credit score and can qualify for a lower rate. Just be sure to factor in any closing costs or fees when deciding if refinancing is the right choice for you.
3. Make extra payments: If you can afford it, try making extra payments on your mortgage each month. This will help you pay off your loan faster and reduce the overall amount of interest you pay. You can also consider making biweekly payments instead of monthly payments, which can help you pay off your mortgage more quickly.
4. Consider a fixed-rate mortgage: If you’re worried about mortgage rate spikes, consider a fixed-rate mortgage. With this type of mortgage, your rate will remain the same for the entire term of the loan, giving you peace of mind and a predictable monthly payment.

Remember, it’s important to carefully consider all of your options and choose the one that’s best for your financial situation. If you’re having trouble managing your mortgage payments or are worried about interest rate spikes, don’t hesitate to reach out to CreditReboot for help.

HOW TO FIGHT UNLICENSED PAYDAY LENDERS AND PRICE GOUGING INTEREST RATES

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a. Disputes The Debt While Relying On Your Consumer Rights
b. Demands Proof Of Australian Credit License
c. Stops The Credit Provider From Telephoning You
d. Proposes A Fair And Commercial Settlement
i. A Debt Waiver Of The Outstanding Balance
ii. Cleans Your Credit File
iii. Zero Interest Rate On Any Outstanding Balance
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DISCLAIMER: THIS SAMPLE LETTER IS OFFERED FREE OF CHARGE. CREDITREBOOT TAKES NO RESPONSIBILITY OR LIABILITY FOR ITS USE OR APPLICATION.

Debt/Credit Tip 1

If you have a default on your file and you pay the debt the credit default will still stay there for up to 5 years. The status maybe updated to paid, but this doesn’t help when applying for a loan. It is very likely you will still be declined. You should insist on having the default deleted if you are going to pay the debt.

Debt/Credit Tip 2

If you pay a mortgage weekly instead of monthly you can reduce the term by more than 10 years

Debt/Credit Tip 3

Every time you make a credit inquiry for a credit card or personal loan your credit score decreases between 50 and 100 points regardless if you took the loan or not

Debt/Credit Tip 4

If you’re 14 days late in a credit card repayment with one of the larger banks or finance companies, that will be recorded on your file for 2years and will affect your score between 50 and 100 points

Debt/Credit Tip 5

If you’ll more than 60 days late on a mortgage repayment the bank can take cash from your offset account or your savings without you knowing. Avoid keeping savings in the same bank as your mortgage

Debt/Credit Tip 6

If you are late in making a mortgage repayment and have a redraw facility or credit line the bank can take the money from your redraw facility putting you further in debt.