The recent rate hikes by the Reserve Bank of Australia (RBA) have understandably put borrowers under pressure. The fact that the RBA has implemented a handful of consecutive holds is little consolation for those struggling with higher borrowing costs.
Here are some strategies you can consider:
Taking a proactive approach can help you mitigate the impact of rising interest rates and put you back in control of your financial situation. Refinancing can not only lead to better interest rates but may also allow you to consolidate debts or access equity in your home at the same time.
Mortgage brokers can help compare rates and loan terms which could give borrowers some additional room to breathe.