According to a report published by Standard & Poor, mortgage arrears are on the rise.
The upward inclination comes following the end of COVID-19 loan assistance and is likely to worsen in the second half of 2021.
With the date for expiration of mortgage deferrals approaching (March 31st), the arrear index increased to 1.37 per cent in Dec 2020, from 1.28 in the same period.
But there is more than one option for borrowers grappling through reducing or clearing out their arrears.
The low-interest rates and strong refinancing conditions currently seen in the mortgage industry can provide a lot of support and help them come out of arrears unscathed.
Are you looking to refinance your home loan?
To come out of mortgage arrears, refinancing your home loan could be the best option.
Refinancing can help you lessen your repayment burden by:
Our mortgage brokers are experts in getting your home loans refinanced.
Give us a call on 1300 889 743 or fill in our free online assessment form today.
Westpac Slashes Fixed Rate Loans!
Effective from March 9th 2021, Westpac has slashed fixed-interest loans. This cut applies to all its subsidiaries as well.
Following the action, the Reserve Bank of Australia governor doubled down on his promise to not increase rates until at least 2024.
What this means for you as a borrower is you can start looking for the lowest interest rates for your home loan.
For those with a higher interest rate mortgage, refinancing with lenders offering lower rates could also be an option.
Do you want to get the best interest rates available?
Our mortgage brokers are constantly working with several lenders and are well-updated on all lenders’ interest rates across Australia.
Want us to link you with the perfect lender for you, providing exceptional interest rates that best serve your case?
Call us on 1300 889 743 or fill in our free online assessment form.
Properties Getting Sold Pre-Auction In An Alarming Rate
Properties are selling before auctions in staggering numbers as buyer demand rises and stocks stay low.
The number of properties selling pre-auction is at a 20-year high in Sydney and a ten-year high in Melbourne.
The unravelling of this data has put many buyers in a panic about not being able to buy the properties of their liking at an auction.
However, buyers need not panic as it is mostly only one type of property that is being sold off the auctions.
While houses and townhouses are in high demand, apartments are still plentiful and high seller expectations are keeping plenty of options on the market for buyers.
Need an experts opinion before deciding on refinancing or getting a home loan?
Our mortgage brokers are here to help. Call us on 1300 889 743 or enquire online.