The federal government and banking sector have thrown everything they can at home owners during the pandemic to prevent widespread mortgage stress across the community.
But when the music stops after six-month home loan holidays end, it’s likely some borrowers whose livelihoods have been affected by the pandemic economic shutdown still won’t be able to meet their repayments.
If you’re worried that might be you, there are things you can do right now to relieve your stress and keep a roof over your head. And if you’re about to buy your first home, it’s important to establish good habits right from the time you take out the loan to make the home ownership process as easy as it can be.
1. Look for a home loan option with great rates and fees
2. Make extra repayments to reduce interest and loan terms
3. Focus on ways to increase your income
4. Have a plan B in place
5. Think beyond the family home
6. Set aside six months in repayments in an account that’s hard to touch
7. Avoid taking on new debt immediately after taking out a home loan
To read the full article and each point in detail on www.domain.com.au, click here