For many homeowners, fixed-rate expiry loans are due to expire soon! 40% of fixed-rate loans expire in 2023 and 20% in 2024. Once your fixed rate expires, it will roll over to the current variable rate – which could be up to 4.5% higher than your fixed rate.
For a $500,000 loan fixed at 3%, the repayments could go from $2,108 per month to $3,496 per month with this new 4.5% rate increase.
For a $750,000 loan fixed at 3%, the repayments could go from $3,162 per month to $5,244 per month with this new 4.5% rate increase.
The Brokerage is able to assist home owners navigate the transition from fixed rate to variable rates by reviewing your financial position and ensuring that you’re getting the best rate. By using our experience, knowledge, and understanding of the current market, we can ensure that you’re on the best rate with your current lender. We have access to over 30 lenders so if you’re not getting what we think is a fair deal, we can assist you in the refinancing process to a new lender.
Get Started
To streamline your residential refinancing experience, reach out to the experts at The Brokerage today.
