Welcome back to That Backyard Property Pod! Today, we are diving deep into the massive and unexpected changes happening in the world of interest rates. We’ve seen fixed interest rates increase for the first time since that crazy rate-hike cycle a couple of years ago. Major banks like Westpac, P&N, and Suncorp have all moved their fixed rates up, signalling a significant shift in the market outlook.

We cover:

• Why major banks are suddenly increasing their fixed rates (and what they're predicting for the next 6 months).

• The simple breakdown of the two main loan types and their basic features (redraw, offset accounts, etc.).

• Stability vs. flexibility, and why most fixed loans restrict extra payments and offset accounts.

• How to tell if fixing a portion of your loan is still a smart strategy, especially if you're borrowing 80-95% LVR.

• The latest data showing why a rate cut is highly unlikely in the foreseeable future.

General advice only and not personal advice. CRN 485467

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Chapters:

00:00 Introduction and Overview

00:46 Understanding Fixed and Variable Interest Rates

01:56 Pros and Cons of Fixed Rates

03:42 Current Market Trends and Predictions

04:51 Advice for Borrowers

06:23 Summary

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