Review your Finances in 2022
Introduction
With rising interest rates around the world, the war between Russia and Ukraine, economic sanctions and a volatile stock market, there is an amount of uncertainty happening right now. So what does it mean for new home buyers and existing mortgage holders? In this article, we will find out why it may be beneficial to review your finances in 2022.
Uncertainty in the market
With the global economy affected by the war, inflation and the pandemic, there are uncertainties that may affect the repayments for existing mortgage holders and the amount new home buyers will be able to borrow over time. With a possible rising interest rate sometime this year, new home buyers with an existing mortgage have been cautioned that they may have to pay more for each repayment and for would-be first home buyers will be able to borrow less over time.
How can your finance broker help you?
Being a finance broker, we have access to over 30 to 40 lenders, allowing us to find a lender that fits your requirement.
As we are bound to find more solutions, we would also have access to a variety of competitive interest rates. For example, some lenders specialize more in freelancers and those running their own sole trader business where they may face a challenge with the traditional banks. There are also lenders out there that may consider those that are married as individuals due to their “Common Debt Reducer” policy.
Working under the best duty
As a licensed financial broker, we are bound under the best interest duty, to act in the best interest of our customers that meets their objectives, financial situation and needs.
Check out the document on best interest duty here.
Let us do the thinking for you
Don’t worry about the things that you can’t control and let us help you to decide what the best course of action would be. As finance brokers, we offer the same rate as if you are going to the lender directly. There are other times that we have helped our customers to receive even lower rates. That is why 60% of new home loans last financial year was through the finance broker channel.
Our consultations are free, so give us a call or come over for a cup of specialized coffee.
