Households could save up to $16,000 in mortgage repayments if they fixed their rates ahead of predicted rises, new data reveals | TawarRazaghi
A whole generation of mortgage holders have never faced rate risesProperty listingsHouseholds could save up to $16,000 in mortgage repayments if they fixed their rates ahead of predicted rises, new data reveals.
That saving jumps to $431 a month, or $16,341 in total interest, over the three-year period for a borrower with a $1 million principal and interest home loan. More economists agree that inflation will rise this year – and interest rates along with it – which will see households paying more for the cost of living, including mortgage repayments.
“Thirty five per cent of outstanding mortgages are fixed mortgages. Prior to the pandemic it was 20 per cent,” Ms Masters said, adding first-home buyers were most likely to fix rates as they are highly leveraged.
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Should you fix your home loan now?A whole generation of home owners has never experienced interest rate rises, but that could all be about to change. New data shows households could save up to $16,000 in repayments if they fixed their rates ahead of predicted rises | TawarRazaghi
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