Loan Market Compass

The Reserve Bank has announced its latest update, increasing the Official Cash Rate to 2.5%.

If you have a mortgage or you are currently house hunting, this news changes the landscape a little bit. When the OCR moves, lenders generally adjust their own interest rates in response. For homeowners, that can shift your regular repayments. For buyers, it can reshape your overall borrowing power.

Changes in the market are a standard part of the property cycle, so there is no reason to feel uneasy. Navigating a rate rise just comes down to preparation and having the right plan tailored to your situation.

Whether you need to review an existing mortgage or want to check how this impacts your budget for an upcoming purchase, taking a proactive look at the numbers is a great next step.

On the pitch, a winning game plan requires adjusting when the match changes. The same rule applies to your mortgage.

If your fixed rate is expiring over the next few months, letting it roll over automatically onto a default rate could mean missing out on a better option. Right now, lenders are competing hard behind the scenes with sharp rates and incentives to secure your business.

You don't have to wait until the final whistle blows on your current term to look at your choices. Looking at your strategy early puts you completely in control of the scoreboard.

Is your home loan set up to win?

Being recognised over multiple years is one thing, but as a team here at Loan Market Compass, our real reward is helping people achieve their property goals and dreams! Many thanks for the support from our clients, referrers and most of all the team behind these recognition awards :)