New research from Roy Morgan shows an estimated 1.19 million mortgage holders (24.9%) were ‘At Risk’ of ‘mortgage stress’ in the three months to January 2023.
If you’re struggling to repay your home loan, here are some steps you can take:
Contact your lender: The first step is to talk to your lender as soon as possible. Explain your situation and ask if they can offer any assistance, such as a payment holiday or a temporary reduction in your repayments, or a rate reduction.
Consider refinancing: If you’re struggling to make your current mortgage payments, you may be able to refinance your loan to a lower interest rate or longer term to reduce your monthly payments. Most of the time, the interest rates on offer with other lenders are considerably less than what your current lender will offer you. As a bonus, some lenders are offering cashback to refinance.
Review your budget: Take a close look at your budget to see if there are any areas where you can cut back on expenses. This might include reducing discretionary spending or finding ways to save on your utility bills.
Seek financial counseling: Consider seeking the advice of a financial counselor who can help you create a budget and explore other options for managing your debt.
Explore government assistance: Depending on your circumstances, you may be eligible for government assistance programs that can help with your mortgage payments.
Remember, the key is to take action as soon as possible. Ignoring the problem will only make it worse. By being proactive and seeking help, you can increase your chances of finding a solution that works for you.
CASHBACK $$$
Refinance to a lender offering better rates AND receive a few thousand $$$? It’s a no brainer!
What’s ‘refinance cashback’?
It’s a bonus offered by a bank to attract customers who are looking to refinance their mortgage. The cashback money is paid into the customer’s nominated bank account after the new home loan agreement is signed and settled. Not all banks are offering cashbacks, so it’s a good idea to compare.
We have lenders offering up to $5,000 cashback.
