A recent survey has found just under half of home loan holders were worried about mortgage stress (45%) while just over half were feeling OK (55%) with their repayments, reports Property Tribune.
If you’re in the group that’s feeling a little frazzled, it’s best to be proactive in taking control of your finances. Start with getting some independent financial advice.
Or if you just want some tools that give you a better understanding of your own situation, check out the range of calculators on MoneySmart. These can help you calculate ways to pay off debt, pay off your mortgage faster or weigh up the pros and cons of switching loans.
Money Smart is a free government website that is not trying to sell you financial products so you won’t have to sign up for a home loan quote to use its calculators.
If you’re thinking of getting into the market but are worried about future rate rises, again, get some independent advice. Factor in future rate rises plus a good buffer to plan a realistic buying budget.
Over the life of a 25 or 30 year loan, you’ll likely ride out several peaks and dips on the rate rollercoaster. Being realistic about that and planning for it can take the stress out of having a mortgage.
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