abc.net.au/news/what-to-do-if-you-can-t-afford-your-mortgage/101972662Dan Phillips bought a unit in Hobart's outskirts last year, just as rates started to climb.
"By the time I moved in, I'd had more letters about rate rises, than I'd had months living in the property, which was pretty confronting," he says.The National Debt Helpline has seen a 28 per cent jump in calls for help in January, compared to the same time last year.While it's tempting to ignore the situation, it's better in the long run if you act early.
Obviously, a good first step is to contact your lender and ask for the lowest possible rate, or to consider refinancing with another lender."I've got a pretty tidy little spreadsheet with a bit of budgeting on there. I'm always looking for specials and that kind of thing, cutting coupons," he explains.
If you've built up equity in your home, there are a couple of other options, says UTS Business School's Professor Kathy Walsh.
Just become a semi retired right wing shill and sell bullshit to conspiracy nutters . They lap that shit up
Stop drinking, smoking or vaping. Give up some luxuries for a while. You don't need a $2000 new phone. That's how we used to do it!
Number one should be know ASAP. If you can afford the repayments plus the interest each month you're pretty much fine.
blame Labor. I do.
The banks shouldn't have lent the money to people in the first place if these increases are already causing massive mortgage stress
I’m have a cunning plan: let’s print more money and make everyone rich. Then no one is poor and we can all afford to buy our own house outright. You’re welcome 😇
Wait till you get the utility bill when net zero kicks in.
Call your local Labor minister and request that policies be put into place to slow inflation. I.e less govt spending, no pushing for wage increases ( offer tax cuts instead) , stop raising taxes, release more natural gas , slow the renewables push, cut business red tape etc .
Ask Lowe to share a part of his salary.
So basically, people overspend and don't budget for interest rate rises.
Sue the privately owned Rothschild bank being The Reserve Bank of Australia!
The question they're not mentioning: What does a bank do when there are a lot of forced house sales ?
'Dan Phillips bought a unit in Hobart's outskirts last year, just as rates started to climb.' Too late now but....why didn't he fix his rate for 3 years?
Sell your ass I guess?
Last resort = drain your super? Last result = sell
Helpful article advices of repaying mortgages by Costs cutting, Refinancing, Push loan term, On hold financial hardship, Access Super and if all fails, sell the house. Masterpiece.
Mortgage holders given every assistance under the sun… Renters told to vacate with 30 days notice and compete with 100,000s immigrants. Thanks JulieCollinsMP
You need to add CouncilRates in this .Councils are also Profiting on this CostOfLivingCrisis and NoOne is investigating them LETS WAKE UP .
You could get a second job at 7-11 or UberEats, but get in quick before this year's 300,000 subcontinental migrants plus 'students' hit our shores.
This is why they want to change super early access rules…a lot of ppl will need it pay their mortgage
Grow some weed?
with more rate rises anticipated from the genius forecasters at the RBAInfo and PhilipLowe the banks are going to have bend over backwards to do anything to avoid a housing crash imagine IF the banks utilise their MEGA interest rate profits to offset those who are struggling
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