Last month, I shared my thoughts and advice for those looking to enter the property market. If you missed it, you could read it here:
This month let’s turn the tables and focus on a different group altogether: existing homeowners with a mortgage.
Many Australian households continue to feel the pressure of higher living costs and interest rates.
In Short
- Contacting your existing lender to negotiate a competitive rate is a simple step that could potentially reduce your monthly repayments.
- Maximising an offset account ensures every dollar earned works effectively to reduce the interest charged on your home loan.
- Consolidating outstanding credit cards, personal loans, or vehicle finance into a more manageable structure may help simplify household finances.
- The local market remains active, with brokers currently assisting First Home Buyers, Upgraders, Refinancers, and those seeking SMSF Lending.
Since the start of the year, more than 65,000 Australians have contacted the National Debt Helpline, with mortgage stress being one of the primary reasons. Recent research from Roy Morgan shows that 30.6% of mortgage holders and young families are experiencing mortgage stress.
A few factors contributing to this situation, including:
- Recent interest rate increases
- Ongoing geopolitical uncertainty
- Employment challenges in some sectors.
- Rising household and living expenses
While every family’s circumstances are different, there are several strategies that may help reduce mortgage pressure.
Complimentary Home Loan Health Check
Explore your local options and create a plan tailored to your financial goals with Veenu Bharara.
Email: veenu.bharara@aussie.com.au
Call: 0478 578 XXX