{"id":15325,"date":"2018-08-01T05:53:36","date_gmt":"2018-07-31T19:53:36","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/?p=15325"},"modified":"2018-08-03T09:29:31","modified_gmt":"2018-08-02T23:29:31","slug":"interest-rate-caution-with-ybr","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/real-estate\/interest-rate-caution-with-ybr\/","title":{"rendered":"Interest rate caution with YBR"},"content":{"rendered":"

\u201cONLY when the tide goes out do you discover who has been swimming naked.\u201d<\/strong><\/p>\n

This famous quote by Warren Buffett rings true in my opinion in the context of spending beyond ones\u2019 means.<\/p>\n

Being a local mortgage broker in Torquay, I get to see many different financial situations including that of singles, families, investors and more.<\/p>\n

I always ensure I am honest with my clients, but unfortunately for many recent borrowers and as we\u2019ve seen uncovered in the Banking Royal Commission, others not so lucky have bought property or investments which are at the threshold of what they can afford \u2013 and their situation may only get tighter.<\/p>\n

You (or your parents) might remember in the late 1970s\/early 1980s when interest rates were as high as 18 per cent.<\/p>\n

Well, we have seen home loan rates lower than 3.6 per cent for so long in recent times that I believe it is not \u201cif\u201d but \u201cwhen\u201d an increase is coming to interest rates and it\u2019s best to start preparing yourself and your family now.<\/p>\n

I have some steps that might help you prepare for what might be coming in the future:<\/p>\n

Step 1: Sit down with your family and work out your financial plan for the next 2-3 years and figure out where your money is going and what you are spending on.<\/p>\n

Step 2: Work out where you can save your money, give up a little now to have a lot later.<\/p>\n

Step 3: Work hard to pay off any other debts you have besides your home loan, if rates increase and you have a car loan or credit card these loans will be the ones that will be under pressure first.<\/p>\n

Step 4: Review your current mortgage, consider fixing your rate and what this might mean in real terms.<\/p>\n

Step 5: Build an emergency fund of $2,000-$3,000 \u2013 this allows for the unknown.<\/p>\n

Of course, I hope I\u2019m wrong and rates continue to stay low, however, it\u2019s better to plan for any eventuality and one that many are saying is \u2018inevitable\u2019.<\/p>\n

Isaac Baker is a local mortgage broker who operates Yellow Brick Road Geelong & Torquay from their Torquay office; Level 1, Corner of Merrijig Drive & Fischer Street in Torquay, call or text him to make an appointment on 0400 949 797.<\/em><\/p>\n

Advice in this column should be taken as general in nature and might not apply to your personal circumstances.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cONLY when the tide goes out do you discover who has been swimming naked.\u201d This famous quote by Warren Buffett rings true in my opinion in the context of spending beyond ones\u2019 means. Being a local mortgage broker in Torquay, I get to see many different financial situations including that of singles, families, investors and […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":95,"featured_media":15307,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[29],"tags":[],"post_folder":[],"class_list":["post-15325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nInterest rate caution with YBR - Surf Coast Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/real-estate\/interest-rate-caution-with-ybr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interest rate caution with YBR - Surf Coast Times\" \/>\n<meta property=\"og:description\" content=\"\u201cONLY when the tide goes out do you discover who has been swimming naked.\u201d This famous quote by Warren Buffett rings true in my opinion in the context of spending beyond ones\u2019 means. 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