|MFAA CEO, Phil Naylor, says in a media release “along with the mortgage belt, we welcome today’s news that interest rates will not increase this month. But there is still a strong possibility of a rate rise next month if pressure remains on inflation and retail expenditure remains high.|
“Home owners should seek the help of an MFAA accredited mortgage professional to review their situation and ensure their finances can cope with future changes.
“There are positive moves homeowners can make today to soften the blow of future rate rises. These include moving to a fixed rate home loan, paying more off your mortgage each month to create a buffer, and conducting a mortgage ‘health check ‘ to ensure you have the best deal for your situation.