Should I anticipate changes in interest rates when taking out a mortgage?

It’s absolutely essential to anticipate changes in interest rates when taking out a mortgage. For most people, particularly first home buyers, it’s a lot of money that is being borrowed and it’s being borrowed over a long timeframe. Interest rates are without a doubt going to rise – and fall – over the life of your loan. So don’t leave yourself too short of spare cash – you should always factor in a two or three percent rise in interest rate when you’re deciding whether or not a loan will be affordable. Use HashChing deals to secure better deal than what’s advertised by the lenders. Of course, your household income will hopefully also increase over time, which will in turn make your mortgage more affordable. It’s always better to be cautious and conservative though. It’s something that’s strongly recommended by APRA and ASIC.

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