![](https://spicytrends.com/wp-content/uploads/2020/03/stress-symptoms-1521494687-1000x600.jpg)
Here’s How to Get a Lower Mortgage Interest Rate in the Midst of a Market Meltdown
![](https://spicytrends.com/wp-content/uploads/2020/03/stress-symptoms-1521494687-1000x600.jpg)
This pandemic that was first discovered in Wuhan, China has made it even harder to survive every day. Before this pandemonium erupted, many of us have been struggling to pay the bills, send the kids to school, and even feed our families three times a day.
Things seem to be getting worse. More and more countries are reporting rising cases of those infected by the coronavirus (Covid-19) and it has been claiming thousands of lives from all over the world.
Many are left jobless by this pandemic and it appears that the effect of it on our finances will linger even after a cure has been made. But it is especially worrisome for those with mortgages, which left most people wondering, will payments be put on hold?
![](https://spicytrends.com/wp-content/uploads/2020/03/lala-azizli-NZKShxIlx7g-unsplash.jpg)
Unsplash | Everything changed when the coronavirus wreaked havoc
The economy is also being beaten as the outbreak continues to destroy what was normal. As such, it’s no surprise that financial institutions are panicking and have been making decisions to help citizens.
In Australia, banks have been lenient, saying their clients could pause their payments. This could bring major relief on the part of the customers.
Phil Lowe, governor of the Reserve Bank of Australia, made some major announcements, all aiming to ease the burden on their residents. Interest rates are far lower than one can imagine, which is why mortgage is worth discussing at this point.
For those with savings and are relatively financially stable, the next few weeks will become a learning period. For others who are extremely struggling, this could be the time to think about household dues.
Let’s admit it: housing may be eating the biggest chunk of our salaries, be it rental or mortgage. This is why with the current situation, it is best to check your interest rate.
![](https://spicytrends.com/wp-content/uploads/2020/03/jud-mackrill-qnt9iigV444-unsplash.jpg)
Unsplash | Compare deals with different websites
While some lending institutions have paused payments, it is worth noting that some of them have left their loyal customers with higher rates, only giving big discounts to new clients. In January, the average interest on home loans was 3.63 percent, but for new borrowers, it was 3.21 percent.
Search for the best deals in the market through several websites like Compare the Market, Finder, or RateCity. Shop around because you can easily find a non-bank lender that can offer middle to low 2 percent in the market following the recent announcement.
![](https://spicytrends.com/wp-content/uploads/2020/03/clay-banks-VK-podfv2DU-unsplash.jpg)
Unsplash | Call your bank and see if they can grant you a lower interest
If you don’t want to make a switch, ask nicely from your bank if it could lower your interest rate at this time. See if they can reduce it but make sure you remain polite throughout the conversation. You will never know if that simple request can help you save thousands of dollars.
More in Finance
-
`
The Unique Tradition of the SAG Awards: No Hosts!
The Screen Actors Guild (SAG) Awards, a prestigious event in the entertainment industry, has a unique tradition that sets it apart...
March 9, 2024 -
`
Essential 2024 Startup Know-How for Women | Beginning Your Business Journey
Forget the tired trope of the lone wolf entrepreneur. Today, women are shattering glass ceilings and redefining what it means to...
February 27, 2024 -
`
Microsoft and OpenAI Sound Alarm Over AI Hacking
A recent joint study by Microsoft and OpenAI raises concerns as it unveils attempts by state-backed hacker groups to exploit AI...
February 25, 2024 -
`
Invest with Confidence: Identifying 5 Key Company Traits for Success
When investing hard-earned money in stocks, we all want the reassurance that comes from placing bets on reliable horses. But how...
February 15, 2024 -
`
Roger O’Donnell’s Heartfelt Message to Morrissey Amidst ‘Medical Supervision’
When news broke that Morrissey, the iconic frontman of The Smiths, was placed under “medical supervision for physical exhaustion,” the music...
February 10, 2024 -
`
Six Flags and Cedar Fair Merger: A Thrilling Venture Under DOJ Scrutiny
Picture this: two giants of the amusement park world, Six Flags Entertainment and Cedar Fair, coming together in a colossal merger,...
February 3, 2024 -
`
A Peek Inside NASA’s Latest Supersonic Aircraft, the X-59
In the annals of aviation, breaking the sound barrier has always been a loud affair. But NASA, in partnership with Lockheed...
January 22, 2024 -
`
The Easiest Personal Loans to Secure Your Financial Freedom in 2024
Embarking on a journey toward financial stability often requires a helping hand, and personal loans emerge as versatile allies in this...
January 21, 2024 -
`
Emily Atack Baby Joy: A Peek into Her Life with Boyfriend Dr. Alistair Garner
New beginnings and a tiny miracle: The year 2024 has kicked off with a beautiful surprise for fans of Emily Atack,...
January 10, 2024
You must be logged in to post a comment Login