If you're struggling to meet your mortgage repayments #mortgage

If you're struggling to meet your mortgage repayments at the moment, the first thing to do is reach out to your bank and let them know.
Most banks have financial hardship provisions where they can offer you a repayment pause kind of like a debt repayment holiday. And if you've been paying more than the minimum in the lead up to this point, they may be able to let you pause until you've used up that extra buffer before asking you to start repaying again.
It's also worth reaching out to a mortgage broker to see if there's another bank out there that could give you a lower rate, which would mean lower repayments that are easier to meet.
So the main thing is don't sit on it reach out to the professionals in the lending world, talk to your bank about financial hardship options, and explore whether refinancing could help reduce your repayments.
Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401)

#MortgageStress #FinancialHardship #HomeLoanTips #Refinancing #moneymanagement