Homeowners TRAPPED in Mortgage Prison! How To ESCAPE Despite Rising Interest Rates #breakingnews

Homeowners TRAPPED in Mortgage Prison! How To ESCAPE Despite Rising Interest Rates #breakingnews

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Your bank could be about to make you a MORTGAGE PRISONER in 2022!
With many Australian homeowners being told to switch banks to avoid the Interest Rate Rises announced last week by the Reserve Bank Of Australia (RBA), for many, it may not even be possible to switch as they become the latest Mortgage Prisoners!

A Mortgage Prisoner is a borrower who is up to date with their mortgage payments but cannot switch mortgage providers (banks) because they have a mortgage loan or borrower characteristics outside of current lender appetites. This could be for a multitude of reasons, including everything from valuation differences, borrowing power discrepancies, or even the changing landscape of lending criteria; whatever the reason the bank picks, the unfortunate situation for homeowners is that they CANNOT REFINANCE!

Meaning that these borrowers are TRAPPED into paying higher interest rates for the foreseeable future.

In this video, we answer the below questions:

What is a Mortgage Prisoner?
How do banks TRAP borrowers into their mortgages?
What art Tips & Tricks we'd recommend to avoid being trapped?
How can you Escape?

Find out more here 👉 https://www.huntergalloway.com.au/contact/

00:22 What is a Mortgage Prisoner?
00:56 1) Valuation Mortgage Prisoners. Why can't you refinance?
02:10 Tips & Tricks To Get Out of A Valuation Prison!
02:16 Work with a Mortgage Broker! Revaluing your home!
03:22 2) Borrowing Power Mortgage Prisoners!
04:04 The Way Banks interpret Bonus & Self Employed Income!
04:31 How Interest Rates Affect Borrowing Power!
05:05 How to ESCAPE!
05:32 3) Lending Criteria Prisoners!
06:48 Consistency is KEY! How to avoid becoming a criteria prisoner!
07:57 Why School Fees & Health Insurance could be costing you!
08:48 Loyalty Taxes! Why you should leave!
09:14 Our Tips & Tricks to avoid becoming a prisoner!
09:40 Subscribe for more! 👉 https://www.youtube.com/channel/UCKw1JlNlcWR62EpSrXpfUWA

Want to know more? Visit us here 👉 https://www.huntergalloway.com.au/

If you'd like to read any of the articles mentioned in the video, here are a couple I'd recommend:

🏠 The Australians at risk of becoming 'mortgage prisoners' 👉 https://www.news.com.au/finance/money/costs/the-australians-at-risk-of-becoming-mortgage-prisoners/news-story/f8f3bd92868dab66280bd23c6315868c

🙋 'Mortgage prisoners' trapped with higher rates as lending rules get tougher 👉 https://www.abc.net.au/news/2018-07-25/mortgage-prisoners-new-class-of-borrowers-and-credit-tightens/10029594

📈 Australia's major banks respond to Reserve Bank's historic interest rate rise 👉 https://www.news.com.au/finance/economy/interest-rates/australias-major-banks-respond-to-reserve-banks-historic-interest-rate-rise/news-story/e9c216de9f7422d1f52c33a9aea5d258

Subscribe for more great content - https://www.youtube.com/channel/UCKw1JlNlcWR62EpSrXpfUWA

For home loan enquiries https://www.huntergalloway.com.au/contact/

Find Jayden here:
👉 https://www.huntergalloway.com.au/free-assessment/
👉 https://www.facebook.com/MortgageBrokerBrisbane/
👉 https://www.huntergalloway.com.au/mortgage-broker-brisbane/
👉 https://au.linkedin.com/in/jaydenvecchio

T: 1300 088 065
E: https://www.huntergalloway.com.au/contact/

Mortgage Broker Brisbane - Hunter Galloway
Head Office: 3 Latrobe Tce Paddington QLD 4064
PO Box 841, Paddington QLD 4064
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000

Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.


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