We are excited to bring you the latest news in the mortgage industry. As interest rates continue to rise, many customers have found themselves trapped in what is commonly referred to as ‘mortgage prisons.’ Today, we have some new developments to share regarding refinancing options that may offer a way out of this predicament.
Relaxing Serviceability Buffers
In response to the challenges faced by customers unable to refinance due to the Australian Prudential Regulation Authority’s (APRA) stringent 3% serviceability buffer, often meaning that borrowers need to prove they can service a loan if interest rates were to rise to 8% or 9%. We are delighted to report that several lenders have taken action. These lenders have relaxed their serviceability buffers for refinancing, specifically when the new repayments are lower than your current repayments.
Personalised Guidance for Your Needs and Goals
At Property Planning Australia, we understand that we are all unique. Our dedicated team is ready to provide you with personalised guidance based on your specific needs and goals. We are committed to assisting you in navigating these refinancing options and finding the best solution for your circumstances.
Contact Our Team to Determine Your Eligibility
To determine your eligibility and take advantage of this opportunity, don’t miss out on the chance to break free from your existing lender and explore new possibilities for refinancing and improving your financial future.
Contact us today on the button below and work with the 2022 winners for Best Mortgage Business and Customer Service at the Mortgage and Finance Association of Australia (MFAA) Excellence Awards (Vic and Tas) to determine your eligibility and take advantage of this opportunity!