Home Loan & Interest Rate Rises

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Consecutive interest rate rises are making their impact. Home owners with large mortgages are struggling to cope. Some reports are that since the first of twelve straight rises repayments have almost doubled. No wonder home owners are struggling. But don't panic just yet. There is good information out their to help singles and families cope. Here are some good tips from David Koch:

1. Re-negotiate your rate with your financial institution
2. Refinance from a variable rate loan to fixed rate
3. Switch to a line of credit (but you must be very disciplined)
4. If you are still struggling you could engage a financial advisor (or not-for-profit organisation) to review your financial situation.

Alternatively, we encourage all our clients to review their houshold spending and prepare a budget. We have placed a link on our web page to a budget planner written by Paul Clithero and the Australian Government. It includes some very simple and practical tips for managing the household finances. We highly recommend it. Click on this link>>> Free Budget Planner.

By David Maynard CEO
My Tax Zone

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