The Australian mortgage landscape in 2024 is shaped by a mix of global economic factors and local policies, making it essential to understand where things stand before diving into the housing market.
At the heart of this environment is the Reserve Bank of Australia’s (RBA) cash rate, which is currently set at 4.35% (as at December 2024). This benchmark plays a pivotal role in influencing house mortgage rates, as lenders adjust their interest rates in response to changes in the RBA’s policies. With the central bank’s focus on controlling inflation, borrowers are seeing higher rates than those available just a few years ago.
As a result, the average variable mortgage rates hover around 6% or higher, while fixed rates start at approximately 5.8%. This means that whether you choose a fixed or variable rate, you’re likely to notice higher repayments compared to what was available in the pre-pandemic years. Variable rates, which can fluctuate depending on changes to the RBA’s cash rate, are currently more common, as they offer the potential for lower costs if rates drop in the future. On the other hand, fixed rates provide the certainty of stable payments, appealing to those who prefer predictable expenses.
Tip: If you’re planning to take out a mortgage, it’s a good idea to compare offers across lenders and consider locking in rates if stability is your priority. At the same time, factor in your financial resilience to handle potential fluctuations if you’re leaning toward a variable rate.Understanding these numbers and how they affect house mortgage rates can help you make informed decisions, whether you’re buying your first home, refinancing, or investing in property.
What Factors Are Influencing Current Mortgage Rates?
The current house mortgage rates in Australia are shaped by a combination of local and global factors, creating a dynamic environment for borrowers. At the forefront of these influences is the Reserve Bank of Australia’s (RBA) cash rate decisions. The RBA sets this benchmark to guide the country’s overall monetary policy, with the current rate sitting at 4.35%. When the cash rate rises, lenders face higher borrowing costs, which are passed on to borrowers in the form of increased mortgage rates. This policy tool is designed to manage inflation, but it directly impacts how much Australians pay for their home loans.
Global economic conditions also play a significant role. For instance, the US Federal Reserve’s monetary policy has ripple effects on financial markets worldwide, including Australia. When the Fed raises interest rates, global borrowing costs rise, making it more expensive for Australian lenders to source funds from international markets. Closer to home, the costs that lenders incur to operate their businesses, such as regulatory compliance, funding expenses, and staffing, also influence the rates they offer. Additionally, market competition among banks and non-bank lenders can sway the final rates. In a highly competitive market, lenders may lower their rates or offer enticing features to attract borrowers. Conversely, reduced competition can lead to less favourable rates.
Tip: Stay informed about economic trends, both locally and globally. Keeping an eye on the RBA’s announcements and international economic shifts may factor into your decision making process.
Fixed vs. Variable Mortgage Rates: What’s Best for You?
When deciding on a home loan, one of the most important choices is between a fixed-rate or variable-rate mortgage, each offering unique benefits tailored to different financial needs.
A fixed-rate mortgage locks in your interest rate for a set term, typically between one and five years. This stability means your repayments remain consistent, regardless of market fluctuations—a significant advantage if you value predictability. Currently, fixed rates in Australia range from approx 5.8% to 6.5%, making them appealing to borrowers who prefer financial certainty and the ability to plan long-term budgets without surprises.
On the other hand, variable-rate mortgages have interest rates that can fluctuate depending on changes to the Reserve Bank of Australia’s (RBA) cash rate and other market factors. With rates currently sitting around 6.0% to 6.76%, variable loans offer flexibility, including the ability to make extra repayments without penalties and access to features like offset accounts. However, the trade-off is the potential for increased repayments if rates rise.
To provide a clear comparison, here’s a quick breakdown of the pros and cons of each:
| Feature | Fixed-Rate Mortgages | Variable-Rate Mortgages |
| Stability | Rates stay the same for the term | Rates fluctuate with market changes |
| Flexibility | Limited (restrictions on extra repayments) | High (extra repayments, offset accounts) |
| Budgeting | Easy to plan with consistent repayments | Less predictable; payments can rise or fall |
| Current Rates | 5.8%–6.5% | 6.0%–6.76% |
If neither option feels quite right, you might consider a split-rate mortgage, which blends the best of both worlds. With this hybrid option, a portion of your loan is locked into a fixed rate while the remaining portion is variable. This setup offers partial repayment stability while allowing some flexibility to benefit from potential rate drops or make extra payments.
Tip: Your choice between fixed, variable, or split rates should reflect your financial goals and risk tolerance. If you’re unsure, consulting a mortgage broker or financial professional could help you navigate these options and find the one that is within your best interests.
By weighing these options carefully, you can choose the loan type that aligns with your needs and maximizes the value of your investment.
Refinancing Your Mortgage: Is Now a Good Time?
If you’re a homeowner looking to optimise your financial situation, refinancing your mortgage could be a smart move, especially in today’s dynamic lending environment. Refinancing involves replacing your current home loan with a new one, often with more favourable terms or more competitive interest rates. With variable rates hovering around 6%, refinancing could help reduce the amount of interest you pay over the life of the loan or potentially help improve your cashflow position.
Here’s a step-by-step guide to help you assess your refinancing options:
- Review Your Current Loan
Start by examining your current mortgage. Look at your interest rate, remaining loan term, and any ongoing fees. Compare this with what’s available in the market to identify potential savings. It is also a good time to use this information to try and negotiate a more competitive rate with your current lender. - Check Your Loan-to-Value Ratio (LVR)
Your LVR—calculated as the amount of your loan divided by your property’s value—may affect your eligibility for more competitive rates. Most lenders prefer an LVR of 80% or lower. If your property value has increased, your LVR may have improved, making you eligible for more favourable loan terms. - Account for Refinancing Costs
It is important to consider costs like discharge fees on your current loan, application fees for the new loan, and potential Lender’s Mortgage Insurance (LMI) if your LVR exceeds 80%. Factor these into your calculations to ensure the switch is worthwhile. - Compare Offers
Use online comparison tools or consult a mortgage broker to explore competitive rates, and different product features offered by the lenders. Keep an eye out for flexible repayment options and other perks that suit your financial goals. - Make the Switch
Once you’ve found the option that aligns with your goals, work with your chosen lender to complete the refinance process. Be prepared to provide documents such as proof of income, bank statements, recent property valuations, and credit history.
Tip: Refinancing works best when it aligns with your long-term financial plans. If you’re considering it, evaluate not only the short-term savings but also the overall benefits to your financial health.
When considering refinancing, working with a mortgage broker can offer several benefits compared to going directly to a lender. Brokers have access to a wide range of loan products from multiple lenders, providing you with more options tailored to your unique financial situation. They can help you understand the terms and conditions of various loans, identify competitive rates, and guide you through the application process. Additionally, brokers may offer insights into fee waivers or incentives that individual lenders might not highlight. This personalised approach can help ensure you’re making a more balanced & informed choice that aligns with your financial goals
By taking the time to assess your options and understand the process, refinancing could potentially be a key step toward greater financial freedom and stability.
First-Time Home Buyers: Navigating Government Schemes
Buying your first home is an exciting milestone, but navigating the world of house mortgage rates and deposits can feel overwhelming. Fortunately, the Australian government offers several schemes designed to make homeownership more accessible, even amidst higher interest rates in 2024.
First Home Guarantee (FHBG): The First Home Guarantee allows eligible first-home buyers to purchase a property with a deposit as low as 5% without paying Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the loan, reducing the deposit requirement and making homeownership more accessible. This scheme is available for a limited number of places each financial year and applies to properties that meet specific price caps depending on the location.
Family Home Guarantee (FHG): The Family Home Guarantee supports eligible single parents with at least one dependent to purchase a home with a deposit as low as 2%. The government guarantees up to 18% of the loan, helping single parents access the property market sooner. This scheme is open to both first-home buyers and previous homeowners who meet the eligibility criteria, including property price caps.
Regional First Home Buyer Guarantee (RFHBG): The Regional First Home Buyer Guarantee is designed to support eligible buyers purchasing their first home in regional areas. It allows a deposit as low as 5%, with the government guaranteeing up to 15% of the loan. This initiative aims to encourage homeownership in regional communities, with specific price caps and location requirements.
Each scheme has its own set of eligibility criteria, including income limits and property price caps, and places are limited, so early applications are encouraged.
Even in 2024’s high-interest-rate environment, these schemes and grants are making a significant difference, particularly for first-time buyers. The higher initial repayments can often be balanced by the long-term value of property ownership, particularly if you take advantage of these support systems early.
Tip: Before diving in, take the time to research your eligibility for government schemes – consulting with a mortgage professional or financial planner can also ensure you’re leveraging every available opportunity to minimise costs and make your dream of homeownership a reality.
By understanding and utilising these resources, first-time buyers can more confidently navigate the market and take a major step toward securing their future.
Working with a Mortgage Broker: How They Can Help
Navigating Australia’s house mortgage rates and loan options can be daunting, especially with the complexity of today’s lending landscape. This is where a mortgage broker could becomes an invaluable ally, helping borrowers streamline the process and potentially secure loan options tailored to their unique circumstances.
Mortgage brokers act as intermediaries between you and lenders, leveraging their industry knowledge & experience to find a loan suitable loan to your needs. With access to many different lenders, including major banks, credit unions, and non-bank lenders, brokers can compare a wide array of mortgage products on your behalf. Their industry insights and negotiating skills could potentially result in more competitive interest rates or more favorable terms than you might secure on your own.
Beyond just finding a competitive rate, mortgage brokers also consider additional loan features that can enhance your financial flexibility. For instance, they might recommend loans with offset accounts – an offset account works like a savings account linked to your mortgage, and the balance offsets the amount on which interest is calculated. Over time, this feature can lead to a reduced amount of interest paid over the life of the loan.
In 2013, ASIC introduced Best Interest Obligations for financial advisors called Best Interest Duty (BID) – a set of statutory requirements that established a mandatory standard for all financial advisors to act in the best interest of consumers. A standard that lenders are not required to operate under.
By working with a mortgage broker, you could gain not only access to a broader range of options but also more confidence of knowing an industry professional is guiding you through one of life’s biggest financial decisions. Whether you’re a first-time buyer, refinancing, investing or upgrading to your next home, a broker’s support could make a difference.
Conclusion
Key Factors to Consider When Choosing Between Fixed and Variable Mortgage Options in 2024
Choosing between fixed and variable house mortgage rates in 2024 requires a careful evaluation of your financial priorities, risk tolerance, and market expectations. Here’s a breakdown of the key factors to help guide your decision:
- Stability vs. Flexibility
Fixed rates provide repayment stability, locking in your interest rate for a set term—perfect if you prefer predictable expenses or expect rates to rise. On the other hand, variable rates offer greater flexibility, allowing extra repayments and access to features like offset accounts, but repayments can fluctuate as market rates change. - Current Rate Trends
Fixed rates currently range from approx 5.8% to 6.5%, while variable rates hover around 6.0% to 6.76%. Fixed rates might be ideal if you anticipate further rate hikes, whereas variable rates could be advantageous if you expect rates to stabilise or drop. - Your Financial Goals
Fixed rates suit those with long-term budgeting requirements or limited capacity to absorb potential repayment increases. If you’re comfortable with some uncertainty and value flexibility, variable rates might be more suited with your financial strategy. - Split-Rate Mortgages as a Middle Ground
If you’re torn between the two, consider a split-rate mortgage. This option allows you to fix a portion of your loan while keeping the rest variable, giving you a mix of stability and flexibility.
Tip: When choosing a mortgage type, always account for your current financial situation, future plans, and risk tolerance. Use a loan comparison tool or consult with a mortgage broker or finance professional to find an aligned match for your circumstances.
Understanding these factors will help empower you to make an informed choice that balances your needs with the ever-changing landscape of mortgage rates.
Plan for the Future: Evaluate Your Goals and Seek Professional Advice
Choosing a mortgage is more than just finding the most competitive rate—it’s about aligning your loan with your long-term financial goals. Whether you’re buying your first home, upgrading, or refinancing, the decisions you make today will have a lasting impact on your financial stability and future opportunities.
Start by taking a close look at your financial plans. Are you aiming to pay off your home quickly, or are you more focused on keeping monthly repayments manageable? Do you anticipate changes in your income or lifestyle that might affect your ability to repay your loan? These are important questions to consider as you navigate the complexities of house mortgage rates.
While self-research is invaluable, consulting with a mortgage broker could help elevate your decision-making process. Brokers have the industry knowledge & experience to assess your unique financial situation and match you with loan options that are aligned with your needs. They can explain the pros and cons of fixed, variable, and split-rate mortgages, identify cost-saving features, and could potentially even negotiate with lenders on your behalf to secure more favourable terms.
Tip: Think of a mortgage broker as your personal guide through the mortgage maze. They not only help you navigate through the process but also ensure you’re informed about options you may not have discovered on your own.
By aligning your loan choice with your financial goals and seeking professional advice, you’ll be more -prepared to make confident, informed decisions that benefit you both now and in the years to come.
Frequently Asked Questions
As of 2024, the average house mortgage rates in Australia vary depending on whether you opt for a fixed or variable loan. Variable rates, which fluctuate with market conditions, typically range from approx 6.0% to 6.76%, influenced by the Reserve Bank of Australia’s (RBA) cash rate of 4.35%. These rates have risen steadily in recent years as the RBA has taken measures to curb inflation.
On the other hand, fixed mortgage rates—which lock in your interest rate for a specific term—are slightly lower on average, between approx 5.8% and 6.5% for longer fixed terms. Fixed rates offer the security of consistent repayments, a feature many borrowers find appealing in times of economic uncertainty.
It’s worth noting that these averages are influenced by several factors, including the loan-to-value ratio (LVR), loan term, and individual borrower profiles. Borrowers with strong credit histories and lower LVRs could find they are eligible for more competitive rates.
Understanding these averages gives you a baseline to evaluate your mortgage options and find a loan that is aligned to your needs.
Refinancing your mortgage is a powerful strategy for potentially securing a more competitive rate and reducing the amount of interest you pay over the life of the loan. As mortgage rates fluctuate, especially in a high-rate environment like 2024, many homeowners choose to refinance in order to lock in more favourable terms. If you have built equity in your property or your financial situation has improved, refinancing could be a smart move to make your monthly repayments more manageable or reduce the interest paid over the life of your loan.
Here’s how refinancing can benefit you:
•More competitive Interest Rates: If you’re currently on a higher rate than what’s available as a new customer in the market, refinancing could allow you to switch to a more competitive rate, which could translate to more manageable monthly repayments.
•Loan Features and Flexibility: Refinancing can also allow you to access features like offset accounts or extra repayment options, which could further reduce the amount of interest you will pay over the life of your loan.
Tip: Before refinancing, be sure to consider any fees or charges that might apply, such as early exit fees from your current lender, loan establishment fees with a new lender, or Lender’s Mortgage Insurance (LMI) if your loan-to-value ratio (LVR) is high.
Steps to evaluate refinancing:
1. Check your current interest rate and compare it with the rates available in the market.
2.Assess your equity and LVR—if your equity has increased, you may be able to refinance to a better deal.
3. Consider the costs of refinancing, such as LMI and exit fees, to ensure the potential savings outweigh the expenses.
4. Consult a mortgage broker to find the refinancing options within your best interests and negotiate on your behalf.
Refinancing can be a great way to take advantage of more competitive rates, but it’s important to weigh the benefits against the costs. Taking the time to shop around and consult with a mortgage expert can help you make an informed decision that aligns with your financial goals.
When deciding on a house mortgage rate, one of the first choices you’ll face is whether to go with a fixed or variable rate. Both options have distinct advantages and disadvantages, and your decision will depend on your financial situation, risk tolerance, and future plans. Here’s a breakdown of the key differences:
Fixed-Rate Mortgages
A fixed-rate mortgage locks in your interest rate for a set period—usually between 1 to 5 years, though some loans offer longer terms. This means your repayments will stay the same throughout the fixed period, providing stability and predictability in your budget.
Pros of Fixed Rates:
•Predictability: Your repayments won’t change for the fixed period, providing consistency to help you budget and plan for the future. This is a huge advantage if you’re managing other financial commitments, such as starting a family or adjusting to new living expenses.
•Protection Against Rising Rates: If interest rates go up, you’ll remain unaffected, providing stability in a fluctuating market.
•Long-Term Security: If you’re unsure about your financial situation in the next few years, locking in a fixed rate can give you the security of knowing exactly what your payments will be.
Cons of Fixed Rates:
•Limited Flexibility: Fixed rate loans usually do not have the same flexibility that a variable rate loan provides. For example, you may not be able to make extra repayments and in turn redraw the extra amount paid into the loan. Some lenders do allow extra repayments to be made but will restrict the extra amount that can be paid during the fixed term or on an annual basis.
•No Offset Facilities: Most lenders will not allow you to have an offset account with a fixed rate loan so there is no opportunity to save on interest. Where offset facilities are available, they will usually only be available on a partial basis, with a 100% offset account being available through some lenders only.
•Break costs. The decision to break your fixed rate loan is entirely up to you however a break cost may be applicable. Break costs may apply if:
you want to exit before the end of the fixed term.you prepay part of or your entire loan before the end of your fixed rate periodyou switch to another product, interest rate or payment type before the end of your fixed rate period.you want to end the loan as part of selling the property
Current Fixed Rates range from approx 5.8% to 6.5% depending on the loan term and lender.
Variable-Rate Mortgages
A variable-rate mortgage, on the other hand, means your interest rate can fluctuate throughout the life of the loan, depending on factors like the Reserve Bank of Australia’s cash rate and broader market conditions. Variable rates are generally more responsive to changes in interest rates and can either go up or down.
Pros of Variable-Rate Mortgages:
•You can make extra repayments to pay off your home loan sooner. Making additional repayments above your minimum repayment amount can reduce the term of your loan and save you money on interest. Visit our website and use our repayment calculators to see the difference that extra repayments can make to the term of your loan and to find out how much you could save. Click here
•Flexible repayment options so you can make your loan repayments weekly, fortnightly or monthly—whenever is most convenient to you. This can help maintain your budget requirements and align with your pay cycle to make it easier to manage your loan repayments.
•You get a redraw facility that allows you to withdraw your extra loan repayments if you need to access the money. (Some lenders do have minimum amounts you can redraw, see our Redraw & Offset Information fact sheet for more information.)
•You can use an offset account to reduce the interest you pay. That’s a transaction account linked to your home loan where the balance is ‘offset’ daily against your loan balance before interest is calculated. This reduces the principal amount the interest due is calculated on.
You can choose to split the loan to gain more control of the interest rate. That means you can have a fixed interest rate on a portion of the loan for up to five years, and a variable interest rate on the other portion of the loan. This allows you to gain some protection from potential interest rate rises.
•You can switch loans and lenders more easily if you have a variable rate loan. All variable mortgages advanced on or after 1st July 2011 have no early repayment penalties or exit fees. (However, lenders can charge discharge fees to cover the administrative costs and there are other Government charges which may apply.)
Cons of Variable-Rate Mortgages:
•Uncertainty: Your repayments could increase if interest rates rise, which can make budgeting more difficult.
•Risk of Higher Rates: If market rates go up, your mortgage rate and repayments may also increase.
Current Variable Rates range from approx 6.0% to 6.76%, depending on the lender and market conditions.
Split-Rate Mortgages: A Hybrid Option
If you’re unsure about choosing between fixed and variable, a split-rate mortgage could be the solution. This hybrid option allows you to fix part of your loan while keeping the other part variable. This way, you can enjoy the security of a fixed rate for a portion of your loan, while still having the flexibility of a variable rate for the remainder.
Tip: A split loan offers a good balance for those who want to benefit from rate certainty but also want to take advantage of features like extra repayments or offset accounts.
Final Thought
When deciding between fixed and variable rates, think about your financial goals, tolerance for rate changes, and how much flexibility you need. Fixed-rate loans provide security, while variable-rate loans offer adaptability.. The right choice depends on your unique situation and the market conditions at the time of your loan.
As a first-time homebuyer, one of the most important decisions you’ll make is whether to choose a fixed or variable rate mortgage. Both options have their pros and cons, and your choice will depend on your financial situation, long-term goals, and comfort with potential changes in interest rates. Here’s a guide to help you decide which might be the best fit for you:
Fixed-Rate Mortgages for First-Time Buyers
A fixed-rate mortgage locks in your interest rate for a set period, usually between 1 to 5 years, providing you with consistent monthly repayments. This can offer a sense of financial stability, which is especially valuable for first-time buyers who may be adjusting to new homeownership costs.
Pros of Fixed Rates for First-Time Buyers:
•Predictability: Your repayments won’t change for the fixed period, providing consistency to help you budget and plan for the future. This is a huge advantage if you’re managing other financial commitments, such as starting a family or adjusting to new living expenses.
•Protection Against Rising Rates: If interest rates go up, you’ll remain unaffected, providing stability in a fluctuating market.
•Long-Term Security: If you’re unsure about your financial situation in the next few years, locking in a fixed rate can give you the security of knowing exactly what your payments will be.
Cons of Fixed Rates:
•Limited Flexibility: Fixed rate loans usually do not have the same flexibility that a variable rate loan provides. For example, you may not be able to make extra repayments and in turn redraw the extra amount paid into the loan. Some lenders do allow extra repayments to be made but will restrict the extra amount that can be paid during the fixed term or on an annual basis.
•No Offset Facilities: Most lenders will not allow you to have an offset account with a fixed rate loan so there is no opportunity to save on interest. Where offset facilities are available, they will usually only be available on a partial basis, with a 100% offset account being available through some lenders only.
•Break costs. The decision to break your fixed rate loan is entirely up to you however a break cost may be applicable. Break costs may apply if:you want to exit before the end of the fixed term.you prepay part of or your entire loan before the end of your fixed rate periodyou switch to another product, interest rate or payment type before the end of your fixed rate period.you want to end the loan as part of selling the property
Variable-Rate Mortgages for First-Time Buyers
A variable-rate mortgage, on the other hand, fluctuates with market conditions, meaning your repayments can go up or down depending on the interest rate environment.
Pros of Variable-Rate Mortgages for First Home Buyers:
•You can make extra repayments to pay off your home loan sooner. Making additional repayments above your minimum repayment amount can reduce the term of your loan and save you money on interest. Visit our website and use our repayment calculators to see the difference that extra repayments can make to the term of your loan and to find out how much you could save. Click here
•Flexible repayment options so you can make your loan repayments weekly, fortnightly or monthly—whenever is most convenient to you. This can help maintain your budget requirements and align with your pay cycle to make it easier to manage your loan repayments.
•You get a redraw facility that allows you to withdraw your extra loan repayments if you need to access the money. (Some lenders do have minimum amounts you can redraw, see our Redraw & Offset Information fact sheet for more information.)
•You can use an offset account to reduce the interest you pay. That’s a transaction account linked to your home loan where the balance is ‘offset’ daily against your loan balance before interest is calculated. This reduces the principal amount the interest due is calculated on.
•You can choose to split the loan to gain more control of the interest rate. That means you can have a fixed interest rate on a portion of the loan for up to five years, and a variable interest rate on the other portion of the loan. This allows you to gain some protection from potential interest rate rises.
•You can switch loans and lenders more easily if you have a variable rate loan. All variable mortgages advanced on or after 1st July 2011 have no early repayment penalties or exit fees. (However, lenders can charge discharge fees to cover the administrative costs and there are other Government charges which may apply.)
Cons of Variable-Rate Mortgages:
•Uncertainty: Your repayments could increase if interest rates rise, which can make budgeting more difficult.
•Risk of Higher Rates: If market rates go up, your mortgage rate and repayments may also increase.
Which is Right for First-Time Buyers?
The right choice between fixed or variable rates ultimately depends on your comfort with uncertainty and your long-term financial goals.
•If you’re someone who prefers stability and wants to know exactly what your repayments will be for the next few years, a fixed-rate mortgage might be a good fit.
•If you’re comfortable with some level of uncertainty and are looking to take advantage of lower initial rates and flexibility, a variable-rate mortgage could provide savings over time.
Tip: If you’re torn between the two, consider a split-rate mortgage. This allows you to fix part of your loan for security, while keeping the other part variable to take advantage of lower rates and extra flexibility.
Final Thought
As a first-time buyer, it’s essential to carefully consider your financial situation, risk tolerance, and how long you plan to stay in your home. While both fixed and variable rates have their benefits, the right choice for you will depend on whether you value stability or flexibility more. If you’re unsure, speaking with a mortgage broker can help you make an informed decision that aligns with your goals.
Looking for mortgage advice? Connect with our experienced mortgage brokers to find the loan options tailored to your needs. Start your journey toward homeownership today!
Contact us today to connect with a mortgage broker who can guide you through every step and help you find a finance solution within your best interests.
Disclaimer:
This page provides general information only and has been prepared without taking into account your objectives, financial situation, or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax, or financial advice and you should always seek professional advice in relation to your individual circumstances.
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