Mortgage Prisoners as Double Interest Rates Hike

Inflation has increased to 6.1%, which is the highest record of inflation since 1990. All aspects of the economy from consumer spending, business investments and employment rates to government programs, tax policies and interest rates have increased. Even the common iceberg lettuce at one point-in-time was peaking to up to $12 a head. This means Australians now must be more money smart with their finances. Directly, with higher interest rates on homes loans, there is significant issue for all to make repayments and battle the decrease in short cashflow. FINLOANS understands this frustration and can assist you a various way, including smart refinancing and flexible mortgage alternatives.

So, What Even is a Mortgage Prisoner?

A mortgage prisoner refers to anyone who has a mortgage and struggles to refinance their home loan. According to 2020 report from Mozo, 45% of 3000 property owners would switch loans but cannot due to limited earning. FINLOANS are able assist in various needs, meaning we may be able to land you a helping hand by refinancing you. Mortgages are averaging at 25-30 years in Australia. Life is too short to have to worry about paying off a mortgage’s year on end.

Australians Now Must be more money smart with their finances.

Interest rates will be doubling, and stress levels will be booming, increasing monthly repayments by over $641 on average homeowners. “Hundreds of thousands of Aussies will be hard hit, with many facing mortgage stress if they aren’t adequately prepared.” According to a report from the 13th of September, Interest rates are booming by 2.25% spike starting from April this year. Repayments will increase and have been increasing, multiplying the stress level of homeowner. FINLOANS are able to negotiate better rates, competing with banks such as ANZ, Commonwealth and Westpac. We can help you with a variety of loan alternatives.

How Can FINLOANS Help?

To some it all up, mortgage prison is a real issue that many people who own property face. Inflation and interest rates have increased by a substantial amount since Covid 19 has taken place. Money is an issue as the cost of living has been increasing more and more. It takes over 25 years on average to pay off a mortgage, which is more than a third of the average life expectancy in Australia. FINLOANS can help in various ways to make your life easier when it comes to loans, finding the right lender to maximise your savings in the process.

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