Are you aware of rising interest rates at the moment? In this video, we will give you 4 tips in 4 minutes to help you through.

Should I break my existing interest rate and lock in a new rate to avoid interest rate rises?

The first tip is, you can lock out an interest rate up to 60 days in advance of your current interest rate expiring with no break cost to take affect for your expiry date. I'm encouraging all clients, as soon as you fall within that 60 day window to get a rate locked in as soon as possible to assist with that.

But Matt, If I'm not within those 60 days, should I break my existing rate and lock out a new rate to take affect. The first tip I am going to give you is that you will lose your existing, usually much lower interest rate and you need to work out if its worth doing that. We can help with a cost benefit analysis, if you should go ahead and do that. Just get in touch.

Second Tip: So what is everyone else doing? So I'm getting two chains of thought, I'm still getting a lot of people fixing for 1 year because effectively you are going to be paying more. Clients don't want to pay even more for longer dated rates. If you have a good plan and it works you could consider going 18 months or 2 years which is also very popular. The longer dated rates are considerably more expensive and I haven't really had anybody fix for those longer terms.

The third tip I am going to give you is annoying, but the question is do you have a budget (income & expenses)

Do you have a plan?

I can tell you out of my clients, the ones I speak to, that the ones that are aware of rising interest rates have a budget, and have a plan are far happier, have less anxiety and are less worried that they are taking care of themselves and their family. I know its boring and its painful but there is nothing better than having a plan and having a budget in place (incomes & expenses). It puts you in control of your finances.

The last tip I am going to give you is: reach out and talk to someone. If you would like to talk to us, you can go to our website and you can book a time instantly at a time that suits you. Talk it through with someone that cares. I have mortgages myself so I am acutely aware of rising interest rates and we can talk that through.

Thanks so much for watching.

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