Mortgage stress is a common concern for many homeowners in Australia. With rising interest rates, unexpected expenses, and changes in income, it can be challenging to keep up with mortgage payments and maintain financial stability.
If you are feeling stressed about your mortgage in Australia, there are a few steps you can take to alleviate some of the pressure:
- Contact lender for help with mortgage payments, like payment plan or forbearance. Be proactive, don’t wait until significantly behind on payments.
- Examine budget to cut back or save money by reducing expenses, getting better deals on insurance or utilities, or finding extra income.
- Seek financial assistance: If you are struggling to make ends meet, there may be financial assistance programs available to you in Australia. This could include government programs such as the Home Affordable Modification Program (HAMP), which helps homeowners who are at risk of default or foreclosure.
- Consider refinancing: If your mortgage stress is being caused by rising interest rates, you may want to consider refinancing your mortgage. This could help you lower your monthly payments and make them more affordable.
- Seek support: Managing mortgage stress can be a difficult and overwhelming experience. It’s important to seek support from friends, family, or a financial advisor. They can help you come up with a plan to manage your stress and get back on track.
Remember, you don’t have to face mortgage stress alone. There are resources and options available to help you get through this difficult time. Don’t be afraid to reach out for help and take the steps necessary to manage your stress and keep your home.