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Planning to save ahead.

The RBA announced a cash rate rise for March of 25 basis points to 4%.

For first home buyers who got their loan in the last 3 months this is the first time that you have experienced a rate rise. For all other home loan customers, then this is the first rise you have experienced in 2010.

Economists are predicting further interest rate rises throughout the year. If your family budget is already stretched then it is all the more reason to plan ahead financially and put yourself in a better position to handle tougher economic times.

Saving and planning ahead financially is essential to beat the rate rises and get ahead. Check out our saving hints here.

Consumer questions asked online?

  What is the lowest credit score you can have, and still quallify for a home loan?...
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  Hi. My partner and I are looking to buy a property in mid 2010. By then we should have savings around the vicinity of $100,000. I am permanently employed and earn approx 70K while my partner earns 81K but has a temporary contract finishing in Jul/Aug 2010 (will most likely become permanent then) Based on that information, what would be the maximum sum we could borrow? Also, how do lenders look upon someone who is employed on a contract basis?...
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  We are trying to work how much we can borrow. My income is $67,000 and my wife is $52,000. We have $25,000 saved and looking to buy our first home. How much should we be able to borrow?...
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If you are feeling the pain of increasing interest rates look into the option of transferring your loan to interest only.



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