Things have changed quickly in the home loan market over the last year. And with so much going on, here’s why having a mortgage adviser on hand can make all the difference.

Big questions for borrowers

With interest rates moving quickly, a lot of people have noticed a significant change when it comes time to refix their mortgages. It’s not uncommon to hear of people rolling off a 2.5% two-year fixed rate onto a 6% rate, which can make a noticeable difference to repayments.

If you have a $500,000 loan, that’s the difference between $1,035 a fortnight over 25 years or $1,486.

Before your loan reaches the end of its fixed term, we can help you understand what sort of rate you can expect to shift to, and what that might mean for your budget.

Getting the structure right

While the Reserve Bank has continued to increase interest rates, there are indications that it is nearing the end of the hiking cycle. Some commentators are predicting that rates could start to fall by the end of this year or early next. That has left some borrowers wondering about the right term to fix for – particularly when the longer-term rates look relatively cheap in comparison to short-term fixes.

Your SHARE adviser can help you work through the scenarios and work out what sort of fixed term feels right for you.

It might be that you think a shorter term is the right solution to give you lower repayments for the fixed rate period.

Or maybe you want a longer fixed rate because you value certainty. Maybe you want to divide your loan up into smaller parts on different interest rate structures to get some of the benefits of different options.

With an adviser at hand to help you out, it can be much easier to work through these scenarios and get your structure set correctly.

Help is at hand when things are tough

With a recession forecast, it’s likely that some households may find things get a little tighter, financially.

While we hope that’s not the case for our clients, we’re here to help if trouble does strike. When you have a SHARE mortgage adviser, you have someone on your side ready to help you navigate the options with your lender if you need to adjust your home loan to get through a tough period.

First-home buyers need to get ready for lenders

With interest rates higher, it’s even more important that first-home buyers put their best feet forward with lenders.

If you’re looking at buying your first home, a mortgage adviser can talk through your current situation and check how “lender ready” you are – or what you can do to give yourself the best chance of a successful loan application.

Like to talk?

Whether you’re coming up to refix, want to restructure your home loan or want to take out a new one, SHARE advisers are here to help. We can help you work through what interest rates might be the right option for you, and which lender is right for your needs. If you need a home loan champion on your side today, give us a call on 0800 2 SHARE

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.