Your rate rise questions answered.

Feeling a little squirmy about the rate rises we’re hearing alllll about? Totally natural, and yet totally not what-you-want-to-be-feeling-right-now! 

That’s why we’re here to share what you could expect and what you can control. 

How do I find out my rate?  

Typically, it’s up to you to track your interest rate by logging in to your banking app or website (then digging around to find your loan details).  

Alternatively, track your rate and be alerted if it changes – simply by connecting your accounts to the free Finspo app

What is my rate moving to? 

Here we highlight the lenders’ overall rate changes, which is great to keep an eye on given they tend to behave a little differently. But a heads up that your own interest rate will depend on your specific home loan product.  

Our home loan experts can help you review your rate and repayments. 

When will my rate actually change? 

When banks and lenders announce their rate rises, they’ll include an effective date – ie. when your home loan will begin to be calculated at the new rate.  

When will my bank up my repayments? 

It’s up to each lender if and when they change their rates. Once they’ve decided, each lender will set a start date for their rate changes , but your repayments may not increase immediately after (eg. if they’re already above the minimum, or only set to change after a certain time period). 

Importantly, your bank will give you a heads up when your repayments are changing. Phew! 

And luckily, the free Finspo app can track your rate for you (some banks aren’t so great at those updates). 

I’m on a fixed rate, will my rate change? 

Not if you’re fully fixed – these changes are usually specific to variable interest rates. 

Will these rate rises continue? 

We don’t have a crystal ball (still working on that), but experts predict this is the start of an upwards trend 🙄 

Is it too late to fix my rate? 

In a nutshell, the days of getting a low fixed rate are gone. But it’s worth chatting to an expert to understand the pros and cons and make the right move for you. 

Can I get a better deal? 

If you’ve been loyal to your lender for some time, or one of these scenarios rings true for you, chances are you could get a better rate.  

Hot tip: Lenders typically offer better deals for new customers (especially in a scenario like this) – so refinancing now could help you save. 

Chat through your scenario with a friendly home loan expert.

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