Mortgage Minute: What happens when my fixed rate mortgage term ends?
In this mortgage minute we discuss your options when your fixed rate mortgage term is coming to an end.
Good news, rates have dropped with a record low OCR and strong competition between banks.
This means there are lots of options and we can have a look around at what else is in the market and negotiate on your behalf. It's also a good time to review your current loan structure, is a fixed rate still the best option for you? Or has your situation changed, and should you be considering other options such as offset, revolving credit, or floating rates.
For example, if you are looking to sell soon, you don’t want to be caught out with early repayment charges so a fixed rate might be restrictive here.
Maybe you want to pay your loan off faster? So let's look at the frequency of repayments, repayment amount, loan structures and review any short term debt you might have accumulated.
Don’t want to wait to your term ends? We can help you refinance your current mortgage to take advantage of the hot rates in the market and cash back incentives on offer.
So get in touch, even if you didn't arrange your mortgage through Loan Market we can still help you with your fixed rate roll over and make sure you are getting the best deal.
Google Loan Market or call me on 03 441 1307 and we can get you sorted.