HOW TO PREPARE
While the RBA is not expected to lift rates significantly this year, banks can act independently and raise the rates on their products. Resolve Finance managing director Don Crellin said home owners could prepare themselves for interest rate rises. Take your monthly repayment and pay half of that sum every fortnight. Round up your loan and pay a little more Any amount you pay in excess of your minimum repayment can make a significant difference to your home loan over time. Get a home loan health check Home loans should never be a “set and forget” proposition. To fix or not to fix? The most important feature of a fixed rate loan is not the rate, but knowing what the monthly amount is over an extended time.