{"id":5300,"date":"2023-08-10T09:44:32","date_gmt":"2023-08-09T23:44:32","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5300"},"modified":"2023-08-10T09:44:32","modified_gmt":"2023-08-09T23:44:32","slug":"sneaky-rate-hikes-is-your-lender-behind-them","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/sneaky-rate-hikes-is-your-lender-behind-them\/","title":{"rendered":"Sneaky rate hikes \u2013 is your lender behind them?"},"content":{"rendered":"

\"\"The Reserve Bank (RBA) may have kept the cash rate on hold but that hasn\u2019t stopped some lenders from hiking their variable home loan rates. Here\u2019s how borrowers are fighting back.<\/strong><\/p>\n

Home owners may be celebrating two months of the RBA cash rate staying on hold. But don\u2019t pop the champagne cork just yet.<\/p>\n

Mozo\u00a0reports<\/a>\u00a0that some lenders have sneakily hiked their variable home loan rates in July despite the cash rate holding firm.<\/p>\n

These hikes, known as \u2018out-of-cycle\u2019 rate rises, can fly under the radar.<\/p>\n

So it\u2019s important to keep an eye on what your lender is doing.<\/p>\n

Who\u2019s hiking rates?<\/h3>\n

Mozo says ANZ, Commonwealth Bank, Macquarie, Easy Street and Great Southern Bank are among the lenders that have topped up their variable loan rates even though the cash rate has stayed on hold.<\/p>\n

In some cases the upticks may be as little as 0.03% \u2013 but some lenders have lifted their variable rates by as much as 0.15%.<\/p>\n

On a $500,000 loan that could mean paying an extra $750 each year.<\/p>\n

And right now every penny counts.<\/p>\n

As a result, some home owners are taking matters into their own hands to help stay afloat.<\/p>\n

One in two have changed their loan payments<\/h3>\n

Research by Canstar shows almost half of Australian mortgage holders are navigating higher rates by doing the following:<\/p>\n

\u2013 35% are reducing extra repayments,
\n\u2013 29% are stopping extra loan repayments altogether,
\n\u2013 26% are tapping into redraw or offset funds to help with repayments,
\n\u2013 22% are refinancing to a lower rate loan, and
\n\u2013 12% are extending their loan term.<\/p>\n

Other changes involve switching to interest-only repayments, as well as more drastic moves such as selling a home or investment property.<\/p>\n

Be warned though, altering repayment strategies can come at a cost<\/h3>\n

While the above strategies can help get you through a tough time, it would be remiss of us not to mention that some of them can come at a cost over the long term.<\/p>\n

Reducing or stopping extra payments, for example, means you\u2019ll likely have your home loan longer and therefore pay more interest.<\/p>\n

Likewise, if you tap into your redraw or offset funds, you\u2019ll pay more interest each month.<\/p>\n

Last but certainly not least, by extending the term of a $500,000 loan at 6.73% from 20 to 25 years you could cut your monthly repayments by $348. But according to Canstar calculations, it could also mean paying a whopping $123,464 in extra interest over the life of the loan.<\/p>\n

What can you do?<\/h3>\n

Those sneaky out-of-cycle rate hikes aren\u2019t just annoying. They can leave you out of pocket while beefing up your lender\u2019s profits.<\/p>\n

But you don\u2019t just have to wear the cost.<\/p>\n

The first step is knowing the rate you\u2019re paying.<\/p>\n

Check your loan statements, or ask us to investigate for you.<\/p>\n

If you\u2019re not happy with the rate, we can help ask your current lender for a discount.<\/p>\n

And if they don\u2019t come to the party, we can help you weigh up the possible costs of making a switch.<\/p>\n

We can help you crunch the numbers to reveal which strategy will help you save today \u2013 and tomorrow.<\/p>\n

So give us a call to find out if your lender is quietly lifting your loan rate and what you can do about it.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Reserve Bank (RBA) may have kept the cash rate on hold but that hasn\u2019t stopped some lenders from hiking their variable home loan rates. Here\u2019s how borrowers are fighting back. Home owners may be celebrating two months of the RBA cash rate staying on hold. But don\u2019t pop the champagne cork just yet. Mozo\u00a0reports\u00a0that […]<\/p>\n","protected":false},"author":23,"featured_media":5301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5300","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nSneaky rate hikes \u2013 is your lender behind them? · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/sneaky-rate-hikes-is-your-lender-behind-them\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sneaky rate hikes \u2013 is your lender behind them? · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank (RBA) may have kept the cash rate on hold but that hasn\u2019t stopped some lenders from hiking their variable home loan rates. 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