Skyrocketing interest rates are pumping up the pressure on household budgets and there are predictions of many more increases to come. 9News
Beware 'mortgage prison'That's when it's close to impossible to move banks.
"Not because their income is reduced or their house price is reduced but because their interest rate has gone up and they no longer pass the bank's assessment."Wheatley Finance in Melbourne says switching lenders is often your best bet to save more.When it comes to personal loans, including car loans, you should also consider refinancing if you're paying a higher-than-average interest rate.
For instance, RateCity says the average rate for a regular car loan from the big four banks is 11.93 per cent but some other lenders offer rates under 4.5 per cent. "They force you to pay the debt down with structured repayments over a set period of time with very limited option to add to that debt," Tindall said.
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