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With increasing interest rates and rising costs of living, now is the time to restructure your loan

Feeling the financial squeeze? You're not alone. Last week, the Reserve Bank of Australia raised interest rates for the ninth time in a row, increasing loan repayments and the cost of living.

With increasing interest rates and rising costs of living, now is the time to restructure your loan

Last Tuesday the Reserve Bank of Australia lifted interest rates for a record ninth consecutive meeting.

Repayments on a $500,000 loan have already increased nearly $1,000 per month in 12 months.

The RBA is attempting to cut inflation by reducing economic activity, and acknowledge that the increase in rates is hurting and putting a squeeze on household budgets.

As the cost of living and loan repayments increase a lot of households are cutting down on discretionary spending.

There is no end in sight yet as to when the RBA will pause or stop increasing interest rates. This will depend on a number of factors such as evidence of a reduction in discretionary spending, wage increase pressures, supply chain shortages and Government spending.

Nine consecutive rate rises have had a significant effect on borrowers beyond recent first home buyers who took on large debts at rock bottom rates. The RBA governor, Philip Lowe acknowledged the “painful squeeze” on households due to higher interest rates and the rising cost of living.

It’s not just the increased costs of servicing a mortgage that is weighing on household budgets but also cost-of-living increases.

People are paying more at the supermarket, at the petrol pump and for utilities.

Recently a couple came to us with the aim of getting a loan that would reduce their servicing costs.

Their mortgage repayments had increased by $800 per month, that’s almost $10,000 per year, a significant amount for most households. And this is even before the Reserve Bank’s latest rate increase of 0.25 per cent.

With each loan repayment increase they have had to make difficult decisions about where to spend their dwindling discretionary funds.

The couple had been with their bank for many years but the constant increase in interest rates and after having been told by a relative that they were able to reduce their mortgage costs by restructuring their loan through Smart Mortgage, they came to see us.

We assessed their situation and, thanks to our ability to select the most appropriate solution from a large panel of lenders, we were able to refinance their loan and reduce their mortgage costs with the added benefit of a $4000 cash bonus.

Since the beginning of this year we have been helping more of our existing client as well as new customers restructure their debts and reduce the amount of interest paid.

We are finding that more borrowers are realizing that dealing with a broker who can offer multiple solutions from various lenders is the most effective way to get a cheaper rate.

What our customer says about us
I have been with Ivy for 10 years. Ivy always exceeds my expectation and makes me feel my needs are a priority. Her professionalism and knowledge are of an extremely high standard and the communication and efficiency throughout the whole process was above and beyond. More than happy with the service from Ivy and Smart Mortgage and would not hesitate to recommend their services to others.
Yin Zhu
Onsite Manager of Rosewood Heights
My family uses Smart Mortgage to assist with the purchase of our home, investment, properties and commercial lending. Ben Ou, the Manager Director and his team are very experience and have always made our loan processes easy. I would highly recommend Smart Mortgage to my friends and clients who require finance for their properties. I am confident that the Smart Mortgage’s team will look after the customer’s best interests.
Simon Au
RE/MAX Number 1 Sales Team
Ivy has always been our one stop shop for mortgage needs. Being professional, friendly and helpful, Ivy always provides great professional advice and picks the best solution. We have been with Ivy for years and wouldn’t consider going to anyone else. Ivy gave me confidence in the real estate market and we were able to build up our investment portfolio with her help! Thank you again for your efforts and I will not hesitate to recommend you to anyone looking for mortgage.
Chrissy Wang
Director of Ausline Education
Having worked with Angela for over 10 years, she has always been very professional and always puts my needs and interests first. Her work ethic is excellent and I trust in her abilities to always provide me with honest advice to help me reach my financial goals. My husband and I have several home and commercial properties with Smart Mortgage and I would highly recommend them to anyone who is looking for a company who truly puts your interests first.
Anh Pham
Manager at Queensland Soy Factory
I have dealt with Smart Mortgage for many years. There have been a few properties I have bought and sold over this period. Angela Duong is the person I have dealt with for my home loans. I have known Angela for over 10 years and have always found her and the staff at Smart Mortgage to provide outstanding services. Buying and selling houses are some of the most stressful things a person can go through in life. Knowing that Smart Mortgage are very professional and committed to the complete process from start to finish is a great relief.
Anne Poulton
Property Buyer
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