Are you a homeowner in Australia struggling to keep up with your mortgage payments? You’re not alone. According to recent reports, over 1.4 million Australians are currently experiencing mortgage stress. But don’t worry, there are alternative options available to help you manage your mortgage payments and avoid financial difficulties.

One option is to negotiate with your bank. If you approach your bank with a realistic proposition showing how much you can pay, they may be willing to put your loan on an interest-only basis or offer other solutions. It’s important, to be honest and transparent with your bank about your financial situation, as they may be more willing to work with you if they see that you’re making a genuine effort to repay your loan.

Another option is to seek help from a financial counsellor or debt helpline. The National Debt Helpline is a great resource for those struggling with debt. They offer free, confidential advice and can help you develop a plan to manage your debts and avoid foreclosure. They’re best contact number is 1800 007 007 or you can engage in a live chat online via their website.

Additionally, you can consider refinancing your mortgage. Refinancing involves taking out a new loan to pay off your existing mortgage, which can help you lower your monthly payments and reduce your interest rate. However, it’s important to research and compare different lenders to find the best deal for your situation.

Finally, you can also consider downsizing or renting out a room in your home to generate extra income. As mentioned in 3, cutting expenses and seeking help from family members are also viable options.

In conclusion, if you’re struggling with mortgage payments, there are alternative options available to help you manage your debts and avoid foreclosure. By negotiating with your bank, seeking help from a financial counsellor, refinancing your mortgage, downsizing, or cutting expenses, you can take control of your finances and avoid falling into further debt.

Remember, it’s important to be proactive and seek help as soon as possible to avoid other financial difficulties. If you have any more questions or want one of the IM Team to review your current mortgage situation please reach out to one of the team by booking an obligation-free meeting with one of them.

This article was written by Nicole Monks, Mortgage Consultant with Inspired Money, and provides general information that should not be considered personalised financial advice. If you have specific questions or concerns book a session to review your current mortgage situation or any other lending issue contact Nicole directly on 08 6222 7909 or book a meeting now via his booking page.