{"id":419366,"date":"2026-05-09T10:47:12","date_gmt":"2026-05-09T10:47:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/419366\/"},"modified":"2026-05-09T10:47:12","modified_gmt":"2026-05-09T10:47:12","slug":"7news-the-issue-podcast-mortgage-change-that-could-save-you-11000-in-two-years-as-interest-rates-rise-again","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/419366\/","title":{"rendered":"7NEWS The Issue Podcast: Mortgage change that could save you $11,000 in two years as interest rates rise again"},"content":{"rendered":"

Canstar research shows an owner-occupier who took out a new mortgage five years ago and hasn\u2019t renegotiated their loan since will land on a variable rate of 7.01 per cent after the latest Reserve Bank hike<\/a> gets passed on.<\/p>\n

By switching to a highly competitive rate of 5.99 per cent, a borrower with a $600,000 loan could potentially save over $11,000 in the next two years, even when factoring in $1150 in switch costs.<\/p>\n

Canstar Director of Data Insights Sally Tindall tells 7NEWS Podcast The Issue that Australians should take a day off work to go through their finances.<\/p>\n

Know the news with the 7NEWS app: Download today Arrow<\/a><\/p>\n

\u201cIf you\u2019re checking your rate this weekend, make sure it\u2019s competitive,\u201d Tindall told The Issue.<\/p>\n

\u201cYou may as well jump on the phone to your bank and ask them for a rate cut, haggle with them, tell them that you\u2019re thinking about switching.<\/p>\n

\"CanstarCanstar Director of Data Insights Sally Tindall. Credit: 7NEWS<\/p>\n

\u201cIf they think you\u2019re a flight risk, they\u2019re more inclined to pay attention to what you\u2019re going to say.\u201d<\/p>\n

Further interest rate hikes could be waiting in the wings<\/p>\n

NAB\u2019s economic team has upped its cash rate forecast, with another 0.25 per cent hike in June.<\/p>\n

Westpac was already forecasting further rate hikes, with two more pencilled in for June and August.<\/p>\n

CBA and ANZ expect no further hikes, however, both acknowledge there is risk of a further hike in August.<\/p>\n

Budget move leaves Tindall shaking her head<\/p>\n

Before she was a finance expert, Tindall worked as an adviser for Australia\u2019s first ever female Prime Minister, Labor\u2019s Julia Gillard.<\/p>\n

Tindall says a decision the Albanese Government is expected to make in Tuesday\u2019s federal budget has left her \u201cscratching her head\u201d.<\/p>\n

Treasurer Jim Chalmers is expected to announce a $200 to $300 tax offset for all workers from July 1, 2027.<\/p>\n

Tindall says that move will make the economy worse for Australians.<\/p>\n

\"TheThe government has already reduced the fuel excise amid the Middle East war. Credit: Morgan Hancock\/Getty Images<\/p>\n

\u201cYou\u2019ve got the government giving widespread handouts and that\u2019s just going to fuel the inflation fire even further,\u201d Tindall said.<\/p>\n

\u201cYou\u2019ve got, you know, the government coming through and handing out a fuel excise, so they\u2019re giving you money back through the bowser, but then the borrowers are handing it back to the banks in higher interest rates.<\/p>\n

\u201cThe left hand is not talking to the right hand. They need to be working together. The government needs to start doing more to rein in inflation.\u201d<\/p>\n

You can catch more of The Issue on Listnr<\/a> or watch full episodes on our YouTube channel.<\/a><\/p>\n

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<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Canstar research shows an owner-occupier who took out a new mortgage five years ago and hasn\u2019t renegotiated their…\n","protected":false},"author":2,"featured_media":419367,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[11357,138,219,156,3339,6338,3508,111,43,139,69,49,135],"class_list":["post-419366","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-budget","tag-business","tag-economy","tag-entertainment","tag-housing","tag-housing-market","tag-interest-rates","tag-new-zealand","tag-news","tag-newzealand","tag-nz","tag-podcasts","tag-politics"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/419366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=419366"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/419366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/419367"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=419366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=419366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=419366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}