‘Reach out’: Don’t be afraid to ask for help as interest rates rise yet again
As interest rates take another hike, many people will be left wondering what to do.
Lead mortgage broker at AA Finance Solutions, Leonard Nagawidjaja, said that the impact of the rise will be felt by people’s mortgages.
“As you are all aware, on the eighth of March the Reserve Bank has increased the rate again by another 0.25,” said Mr Nagawidjaja.
“So this is the tenth time where they’ve increased the cash rate. So it has gone from 0.15% to now 3.60%.
“So I think by now you all know the drill, how this impacts you guys, there will be an increase again on your mortgage repayment.
“So what I’m trying to say is that we understand that things are really tough at the moment, and we do want to try to help you guys out. “
He suggested that people can do “simple things” to help themselves if they are struggling financially, such as “speaking to an expert like your local finance broker”.
Mr Nagawidjaja also shared a personal experience of his own to highlight this.
“I managed to refinance my personal home loan from 6.79% down to a 5.14%,” he said.
“So what that means to me is that my repayment has gone down from about $3,000 a month, down to about $2,500 to $2,600 a month.
“And I think at this time, those $400, $500 a month of savings will go a long way.”
He said that this money will be helpful “because everything is just really expensive” at the moment.
“And it definitely goes a long way for me because I’m on a single income and my wife doesn’t work, and you know, I’ve got a one-and-a-half-year-old baby as well,” said Mr Nagawidjaja.
“So there’s childcare expenses, groceries expenses, and so on.”
Ultimately, his message was to not “keep things to the last minute”, and that his team will do their “best to help”.
“If you are struggling, I want you to reach out and ask for help.”
However, if people don’t reach out, Mr Nagawidjaja said his team won’t know what their circumstances are.
“So again, if you feel stuck, come and have a chat and we’ll see how we can help you out in the long run.”
You can contact AA Finance Solutions at [email protected] or fill up the form below. Our consultations are always free as it is in our best interest to help you.
