Predictions Jobless Rate to hit 6.1pct
If unemployment rises to 6.1pct, how may this effect you?
Reading an article in The Age newspaper today, mentions economist Deloitte Access predicts jobless rate to peak to 6.1pct in about 18 months. To add further most of this increase may be seen in the next 6 months.
With this in mind, I would suggest clients look to put in place the correct loan now, don't leave it until it is too late.
Think about the "wot if's", if this would effect your income, do you have sufficient reserve funds to cover risk management and those rainy days? Many clients rely on Redraw, but wot-if the bank reduces the redraw limit. maybe an offset account would work more effectively.
Should we be making extra payments or increase cash reserve. I am not saying everyone stop paying down the mortgage, just think about your situation, plan ahead and have in place now, cash flows that also would assist if the Wot-If was to happen to you.