Network Financial Planning

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People have asked me about the impact of rising interest rates on their home loan repayments. I tell them 'You're going to be paying more - but you're not going to get anything extra for it'.

This puts families in a tricky spot.

The chart in the image will help you get it. It comes from 'Positive Pete'. Peter Switzer is an Aussie economist who writes an entertaining article. But today's message wasn't that positive - or entertaining. No offence intended, Pete.

The article states that the Reserve Bank is speculating on rates going to just over 3% by mid 2023 - that's another 1.75% from where we are now. Pay attention to the very last column on the right - that's roughly the monthly amount your home loan repayment could increase by.

I can help you to deal with this. It's what I do. But don't bury your head in the sand and leave things to the last minute - it's pretty much a certainty that rates will continue on the upward trend. Your family's income is going to get challenged to meet this and the other rising costs across the board.

Get in contact with me.
https://www.networkfp.com.au/

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