Changes in markets, the cost of living and rising interest rates can put a strain on mortgages and increase the level of stress around day-to-day life activities. Rather than get into overwhelm with the additional load, there are steps that you can take to lighten some of the pressures of mortgage stress.
If you are feeling additional pressure, it is a good idea to talk with your lender or financial advisor for solutions that will help to ensure that you are staying on top of your required payments. They will be able to offer a range of solutions based on your needs and affordability.
Declutter the budget
When was the last time that you sat down and took a look at your budget? Do you have a budget that details your income and expenditure or at least looks at what’s coming in versus what is going out?
It is a great time to declutter that budget, put all the monthly expenses down and analyse where your money is going each month. You may find that you are paying for subscriptions or services that you no longer use or identify areas to tighten up spending habits.
Renegotiate on utilities, insurance, and repayments
When looking at your budget, you may find that you are spending larger amounts on utilities, insurance, and other repayments. It is wise to take the time to research other options available on the market to see that you are getting the best deal.
You may find that in many cases, you can renegotiate interest rates on your loans with the bank, and plans with utility and insurance companies. It is also great to investigate government rebates that are available to see if you are eligible for assistance.
Check your property value
When was the last time that you checked in on the value of your property? Now might be a good time to check in with your real estate agent on the current market value for your property and talk with your bank about options.
A sales agent will be able to appraise the property, provide comparables and give you an estimate of what the property may sell for in the current market conditions. This can give you a more informed decision of what your property is worth and help with making budget decisions both now and in the future.
If you would like a free market appraisal of your home, contact our sales team who are happy to help.
Related reading: Become mortgage free faster with these tips
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