With the Reserve Bank of Australia delivering a year-end rate pain and borrowers facing a dreaded “mortgage cliff” this Christmas, these experts recommend mortgage holders change up their holiday plans and take steps to strengthen their financial positions. With the central bank pumping up the cash rate to its highest level in a decade this December, Smart Property Investment’s Phil Tarrant and Finni Mortgages chief executive Paul Glossop call on mortgage holders to review their loans and take proactive steps to weather the rate hike headwinds. The duo also lay out strategies on how investors can strengthen their balance sheets, such as increasing their rental prices, extracting equity, repricing their existing loan or refinancing with a more pocket-friendly lender. They also touch on the latest inflation data and give their take on when the worst will be over for Aussie borrowers.
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