‘Don’t assume’: Simple move to save $3000

Aussie borrowers are being smashed by the highest mortgage rates in 18 years – but one simple move could save them $3000 a year.That’s the message from veteran mortgage broker John Maxwell, who says many stressed homeowners are so focused on the Reserve Bank’s latest blow they’re missing a practical way to ease the pain: refinancing.With the cash rate now at 4.85 per cent – its highest level since 2008 after the RBA’s fifth hike of the year on Melbourne Cup day – mortgage pressure is intensifying fast.And it’s about to get worse.MORE NEWS‘War crime’: Diner blasts surging pub prices‘Offensive’: Woman ordered to repaint red roof‘Affluent clientele’: $29k cruise unveiled amid mortgage painMacquarie was first to move after the decision, while Westpac, NAB, Commonwealth Bank and ANZ have all confirmed they will pass on the full increase to variable home loan customers, with changes due to take effect from Friday, November 13.For borrowers already cutting back on groceries, household spending and children’s activities, the extra cost is significant.Rates are at their highest since the GFC, but stressed homeowners could be missing a simple $3,000 mortgage fix.On a $500,000 mortgage, the l...