When Ash Jose’s mortgage repayments started increasing about a year ago, he wasn’t too worried.
An Adelaide homeowner reveals how he saved $2000 a year on his mortgage repayments amid the rise in interest rates.“I’d been paying more than the minimum repayments anyway,” the Adelaide landscaper told news.com.au. “So even though I’d get a notice from the bank every month or so to inform me that it’d gone up, I wasn’t panicking.”
“It was what made sense at the time,” he said, referencing the historically low rates Australians enjoyed during the Covid period. “I sat down and looked at it, and we’d been paying $1842 per month,” the 35-year-old father of two said.The jump of over $800 per month was enough to prompt Jose to act, at which point he got in contact with broker Chris Longwill, owner of Mortgage Choice Tea Tree Gully/Golden Grove to discuss his options.
“I was so grateful I’d preset my payments to a higher amount than the minimum, so I was a little bit ahead on the mortgage anyway, but at this point I was thinking - like most people - that I really didn’t know how high this might go.”
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