Find your financial feet with our Financial Wellbeing Guide to Interest Rates, designed to help you get on top of interest rates and your home loan so you can look to the future with confidence.
We've compiled useful tips and resources on interest rates from Keystart's home loan experts to create this Financial Wellbeing Guide.
We understand that the recent increased costs of living, including interest rate increases can be challenging to adjust to. Did you know we offer free, one-on-one, confidential financial coaching sessions for eligible Keystart customers to help you to set financial goals and learn how to achieve them.
Six steps to learn more about your home loan interest rates.
Step 1 A change in the interest rate is influenced by the Reserve Bank of Australia's cash rate, and the standard variable home loan rates of the four major banks: ANZ, Commonwealth Bank, NAB and Westpac.
After record-breaking low interest rates in the market, the Reserve Bank of Australia has recently announced an increase in the cash rate. So, what does that mean to you if you have a Keystart home loan?
If interest rates increase, your minimum monthly repayment amount is likely to increase in line with this. It’s a good idea to prepare for the possibility of an interest rate increase.
For most of us, a home loan is a long-term arrangement. Being comfortable with managing your loan helps you get the best out of your home.
Like many big decisions in life, your home loan finance needs a wellbeing check-in every now and then. You might find it helpful to track how your home loan is going – and to make a plan for the next five to ten years.
This post is general information only and does not take into account your objectives, financial situation or needs. You should consider whether the information is suitable for you and your personal circumstances. Keystart recommends that you seek your own independent financial advice prior to making any decisions about your financial needs. Any examples given in this post are provided for illustrative purposes.