As interest rates rise, a last-resort plan to slash home-loan costs

 Stretched homeowners are already asking about switching part of their home loans to cheaper interest-only payments, but experts urge caution when considering the tactic.

After 10 straight rises in the cash rate so far, about 880,000 low fixed-rate mortgages are due to roll off this year, tipping owners onto higher rates that will increase their monthly mortgage repayments and squeeze household budgets.

Options could include refinancing with a different bank to get a cheaper deal, extending the loan term to bring down repayments, or switching from principal and interest payments to interest only.

Read More: https://www.brisbanetimes.com.au/property/news/as-interest-rates-rise-a-last-resort-plan-to-slash-home-loan-costs-20230316-p5cssg.html



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