Australians love their homes, and after 11 years of declining interest rates we have become a bit use to the low interest rates.
To see consecutive interest rate rises has rattled us a bit. However much we say it, we weren’t quite ready to pay the higher repayments just yet.
Rising costs of living has had an impact on the income in the household.
Reviewing the budget and checking if you can make some reductions may help you feel more in control. Some borrowers may consider consolidation of their debts and a review of their current home loan. You may find you are paying too much for your home loan in the first place.
Extending your term to 30 years may help you in the short term, especially if you are consolidating debt but just remember, you could find yourself paying more interest in the long term.