Has your home loan been steadily increasing over the last couple of years? Are you about to come off a very low fixed interest rate? We speak to financial planner Daniel Brown who shares some golden nuggets about what you can do to ride the interest rate rise.
If you’ve got a mortgage, like most Australians, you’re no doubt facing increasing financial stress at the moment. Not only are home loan interest rates steadily rising, the cost of living is increasing too – whether that’s the weekly groceries in the trolley, petrol in your ca,r and just about everything else.
“It’s not a sexy topic, and it’s something we’d like to avoid. It’s probably why most Australians don’t get advice. They put it in the ‘too hard basket’. But this is the time to do the opposite. To be prepared, to get ready, because it’s not going to stop anytime soon. Inflation is very high. The only lever the Reserve Bank has to put interest rates up, and I suspect that will continue. That impact will be significant in the short-to-medium term (next two years). We are really going to feel it. Preparation is key.” – Daniel Brown, My Money Sorted
In this episode of The Parenting Couch podcast, Rachel and Sarah sit down with money guru Daniel Brown from My Money Sorted, who shares his recommendations about how to ride the interest rate wave… and what you can do now to prepare yourself for the future. In this episode, you’ll learn:
- What you can do right now if you know your fixed rate is coming to an end soon.
- At what point should you negotiate your next rate?
- Ways to temporarily reduce your mortgage payments.
- Whether you should speak to your existing bank first, or use a broker.
- If you are refinancing, are you better to go onto a fixed or variable rate?
- What to do if you can’t pay your mortgage anymore.
- If you have money in the bank, is now a good time to invest?
- Should you talk to your kids about money and how much things cost?
- Ways to create extra income to service your loan.
LISTEN TO THE INTERVIEW WITH DANIEL BROWN
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Listen to the interview with Daniel Brown
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About Daniel Brown (My Money Sorted)
Daniel is a qualified financial planner with 20 years’ experience working in financial services. Having spent his entire career learning what it takes to get your money sorted, Daniel’s greatest satisfaction in life is sharing his knowledge for the benefit of others. Alongside the My Money Sorted team Daniel is on a mission to improve the lives of 5 million Aussies by helping them make the best money moves, no matter their stage of life.
As well as being a seasoned finance expert and co-founder of My Money Sorted, Daniel is a father, Parramatta Eels footy tragic, property investor, entrepreneur, and has written extensively about investment, retirement planning, entrepreneurship and personal development.
His work has been featured in Independent Financial Adviser, XY Adviser, and Hunter Headline amongst others.
Find out more about My Money Sorted.
Need guidance in wealth creation & money management?
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Wealth Accelerator Program
With My Money Sorted’s 3-step Wealth Accelerator Program, you’ll receive the following:
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Want to create wealth through investing in property? Get advice, strategy and direction with My Money Sorted’s Property Investment plan. You’ll get:
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- A summary of your lending options Tailored property investment plan
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Call 02 4072 0955 or book your place in this exclusive program.
Essential Details: My Money Sorted
- Website: My Money Sorted
- Facebook | Instagram | Twitter
- Phone: Book a call with My Money Sorted
LISTEN TO THE INTERVIEW WITH DANIEL BROWN
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