au
Refinancing may be viable if your financial circumstances have changed since you initially secured your mortgage. Refinancing involves transferring your existing home loan to a different financial institution. This step can improve your financial standing by offering benefits such as lowered interest rates, reduced fees, more convenient repayment terms, or enhanced loan features.
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Mortgage Cliff
Finding Relief from Financial Stress of the Mortgage Cliff
If you’re one of the 800,000 Aussies anxious about the fixed-rate mortgage cliff, know you’re not alone. The mere thought of struggling to make ends meet is overwhelming and can cause stress. However, we understand how important it is for you to provide for your family without sacrificing basic needs to pay the mortgage.
The Reserve Bank of Australia (RBA) has estimated the total value of the 800,000 loans about to fall off the mortgage cliff to be $350 billion, harming numerous borrowers in the country. This staggering figure highlights the urgency for individuals to take proactive steps to secure their financial stability as their fixed-rate mortgage terms end.
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Mortgage Stress affects your personal life.
Mortgage stress is common when homeowners struggle to meet their mortgage repayments. It is a serious problem that can profoundly affect one’s personal life. Mortgage stress can lead to various problems, from financial and mental health issues. In this article, we will discuss the effect of mortgage stress on personal life.