Helensburgh Are you feeling mortgage stress?

With the ever increasing mortgage interest rates coupled with the rising cost of living expenses, some home owners may be understandably finding it difficult to make ends meet.

Having been in the real estate industry for over 20 years I have seen the market change many times. I have witnessed the distressing 17.5%+ interest rates of the early 1990s and the devastating effect.

40% of mortgage holders are currently on a fixed rate, most of which will expire this year. This means that their interest rate could increase from around 2% to around 6%. This equals mortgage stress.

My message is, don’t wait for things to get better because it will be some time before that happens.

Julie York

0405 128 070

There is help out there, including:

Talk to your bank NOW. Don’t tell them you are struggling, just ask for a better deal on your interest rate. If they don’t help, talk to other banks or a reputable broker Check other energy providers to see if you can get a better deal Go through your budget to see where you could save money Look at the pros and cons of leasing out your property and move in with family, or lease a smaller property

The National Debt Helpline offers free, confidential and independent support. The number is 1800 007 007.

If I can help in any way, I am only a phone call away. Of course, our conversation will remain confidential.

Good luck and warm regards, julie.york@helensburgh.rh.com.au