start 2024 on the right foot
Just when you thought we had seen enough of rate rises from the RBA another one sneaks it’s way in for November 2023. It might be time you consider what the reality of future rate rises may mean to you and your family.
Novembers latest RBA cash rate increase from the RBA has been a real kick in the guts for families that have absorbed rate rises from May 2022 thinking that rates had finished rising. Mortgage holders that are still fortunate enough (for now) to be on their fixed rate with a 2% or less interest rate ending soon will be in for one hell of a shock and pain as fixed rate terms cease and rates flip to today’s average of over 6%.
It would be fair in saying that many Australians have been lured into a false sense of security knowing that when your mortgage were taken out originally that you could easily afford your loan, but as the RBA continues to raise rates it makes the ability to be able to afford your loan going forward far more challenging.
It’s probably a good idea to consider your financial future, your goals, your forward direction and where you want to be in the year to come.
Consider this:
What will you do if the RBA keeps raising rates?
How will you prepare your family, your mindset, your emotions in the event of more rate rises?
How will you navigate your way forward?
In recent times (pre May 2022) mortgage holders seeking a better interest rate would speak with their mortgage broker to get a great rate on their loan, and in a market where rates were going down often saw mortgage holders taking advantage of sharper rates available to them. Whilst you may still be eligible for a “hot-rate” on the market today, chances are the rate that is deemed as “hot” today, may actually be more than the rate you are currently paying.
Which begs the question… How do you think your mortgage broker will be able to solve the challenge of “best rate” for you?
Whilst we always recommend that you speak with your mortgage broker, there is always MORE that you could be doing.
During times like these it is essential that you have a comprehensive cashflow plan that leads you forwards. A plan that allows you the clarity to see the next bump in the road before it happens, so that you can prepare your mindset and hip-pocket in the event of future rate rises.
Adapting a strategy that is void of debt, paying off car loans, not using buy now-pay later services and ditching the credit card is key. Understanding where your money goes in every aspect and giving each dollar a job to do is also imperative going forward.
You have an opportunity right now to start 2024 off on the right foot. With the rate rise of November 2023 spots on our programs are filling up fast and we will be at capacity in the new year. If you would like support please ACT NOW.
Let us help you and your family navigate your path to success in 2024 and beyond.
