I felt very lucky to be able to afford a FTHB small apartment in Brisbane late last year after receiving cash from a de facto separation settlement, and I got a very good deal on the property, relatively speaking. The property value has already climbed by a good amount since purchase in Nov ‘25 (settlement in Jan ‘26), also due to good negotiation of price. LVR is 60%. But my variable interest rate is awful, since the recent rate increases, it is sitting on 6.69%, so much of my payment going to interest, I would like more in principal obviously.
I’m watching the noise in the media and I am scared, and just so unsure how I can maximise the value of my capital. People say I need to wait for the 12m mark to refinance, but can I afford to wait? Can I do it early?
Also helpful to understand, in October ‘25 when applying for mortgage, Equifax gave “average” credit score (can’t find the actual number sorry). Unfortunately I had a hardship on my record from July-August 2025, after the bank lied to me and said hardship would not affect my score. I didn’t even need the hardship, but my ex was responsible for paying the credit card when we officially settled, so I thought why not delay payment since he was going to pay the whole thing off anyway. Stupid mistake. I have a very good record otherwise, never had late payments. I have closed my AfterPay and Zip accounts last year too, so that should help also. I did change employment in Jan 2025, but steady there too now. Idk how to increase my score other than make good payments and wait. My financial literacy has been below average but learning fast. Help would be appreciated