Skip to main content

Your Financial Wellbeing Guide to Interest Rates

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.

Have you heard about our free financial coaching service?

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.

 

Find out more

What will I learn?

  1. Nail the basics

    Clear information that explains how interest rates work and what triggers a change.

  2. Strengthen your toolkit

    Practice steps and useful resources so you know what to do when there is a rise in an interest rate. 

  3. Plan your future

    Put together a plan for your home loan and get ready for the next steps in your financial journey.

Get ready to become the hero of your home loan

Six steps to learn more about your home loan interest rates.

How interest rates work and what triggers a rate change

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.

What happens if your interest rate goes up?

Step 2
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?

How to prepare for an interest rate increase

Step 3
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.

Being comfortable with a home loan

Step 4
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.

Looking ahead: Got a plan for your home loan?

Step 5
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.

What to consider when comparing interest rates

Step 6
Interest rates vary a lot between lenders, and between different home loan products. It's important to do some research so you can weigh up your options carefully.

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.

Looking for more? We're here to help.

  • Financial support

    We're here to support you. Get in touch if you need us.

    Financial support

  • Transitional lender

    Ready to move away from Keystart? Here are some tips on what to consider.

    Transitional lender

  • Repayment calculator

    Find out how much your home loan repayments could be and how much you could save if you make extra repayments. Repayment calculator