Despite this month’s ninth successive interest rate hike from the RBA, hope is far from lost with many competitive home loan packages available.

During the pandemic, many mortgage holders took the opportunity to fix their interest rates but fast-forward to 2023 and that fixed period is now approaching an end, at a time when interest rates are ratcheting up.

If you are among many homeowners heading towards the end of a fixed rate deal or feel your variable rate is too high, there are opportunities for a better deal, and some important opportunities to keep in mind:

• New borrowers are reaping rewards

In a bid to attract new customers, many lenders are offering a lower rate in comparison to established borrowers who pay a much higher rate. This provides a clear financial incentive if you are considering changing to a new loan, or lender once your fixed term comes to an end.

• You could receive a cash sweetener to change lenders

Many special offers - including cashback payments to refinancers – are on offer from many lenders. This has become quite commonplace during the past year. Some banks are offering anywhere from $2000 to $4000 in a bid to attract new customers. This cash boost can help cover any mortgage exit fees, in addition to going towards some extra payments to your new home loan. These sweeteners are an attractive incentive to refinance to a new loan. 

• Not all lenders are hiking rates

According to the latest banking round-up report from Mozo, some lenders have not only absorbed part of the latest round of rate rises, but they have also even reversed part of their earlier interest rate hikes. This is a strong incentive highlighting the value of shopping around to get the best deal on your home loan. If you are time poor, it pays to enlist the help of a qualified mortgage broker such as Our Broker who will do the hard work for you to find you a better home loan deal. 

If you’re considering refinancing, or getting a better home loan deal, or would like to know your options, talk to Our Broker today on 1800 913 677.