🆘 What is a Mortgage Prisoner?
Being a mortgage prisoner means someone can't refinance an existing loan - generally because borrowing power no longer works. We typically see this when interest rates increase, locking them into a no-longer-competitive product.
In Australia, hundreds of thousands of mortgage prisoners are not able to secure a better deal, potentially stranded in an expensive loan.
If this is you, here's some tips:
🔓 Don't hide. Tell your licenced professional broker and bank if you're experiencing financial stress
🔓 Understand your current loan contract. What's the rate, repayment, fees, years remaining? Is it interest-only or principal & interest?
🔓 Review your living expenses. What can be reduced in the household budget? Credit Card limits? These can help your borrowing power
🔓 Talk to your current lender. Tell them costs are rising. What deal can they do for you in the short term and long term? Brokers should do this ongoing
🔓 Most Important: Talk to your licenced broker. What can their big panel of lenders do.
Truly Finance tracks and understands these generous policy changes from a few lenders that want to help prisoners. These are both banks and non-banks. This can help you escape!
Truly Finance's mortgage broker advice, financial services and property strategies are complimentary. We do this for the best interests of our clients and we strive to be the best mortgage brokers!
James Brett. Principal. Awarded Mortgage Broker ☎️ 0439 591 759
Victor Simone. Principal. Legend Mortgage Broker ☎️ 0449 659 029
Andrew O'Brien. Superstar Mortgage & Finance Broker ☎️ 0451 308 292
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Credit Representative Numbers 521733, 550284 & 550765 are authorised under Australian Credit Licence 389328
