subject: Mortgage Stress [print this page] Mortgage Stress Mortgage Stress
Mortgage Stress
If you're feeling the pinch from the rising cost of living these days you're not alone. Australia is experiencing its highest level of mortgage stress in many years and it's all due to the cost of everything else going up. Electricity is the major increase but then there's rates and water and just about everything else.
What Can You Do About It ?
There are many organizations out there that can help you but if you're just trying to reduce your costs then refinancing to a lower rate home loan can save you great deals of money if you can find the right loan. We here at Miracle Home Loans have a philosophy, "Take a little and give a lot" and by that we mean reduce our commissions to give a greater discount on our home loans.
Where the banks and the RBA are threatening to raise rates and the banks even talking about increasing outside of the RBA rate rise. We are doing the opposite and cutting commissions so that we can deliver you a lower rate home loan. The Miracle Loan can generally save you at least $50 per month when compared to the best bank rates around and we're secure as houses. Our wholesale funds are sourced from Australia's top wholesale fund providers which are all covered by the Federal Governments Deposit Guarantee.
There are many other areas of your life where you can save money which includes insurance premiums and changing over to Solar Power Electricity. You may even consider tax savings strategies as well which include getting and investment property or shares. An investment property is a great way to go as it is an ongoing benefit that can reduce the amount of tax you pay. It is also a great way to build wealth.
As your mortgage is always going to be your biggest debt there are a couple of things you can do straight away that will reduce your repayments. Firstly switch to Interest only repayments, this can save you good money immediately. Consider refinancing to a lower rate home loan as well. There is no reason to pay more for your mortgage than you need to and we here at Miracle Home Loans can provide you with everything you need at a much lower rate. If your really feeling the pinch then you can always approach your bank and apply for hardship relief. Most banks have some policy in place that can provide relief to those in legitimate need. But the important point here is to tackle these issues before you get behind in your mortgage repayments. Once that occurs you will find it difficult for anyone to help you.
If you're looking to refinance your home loan to a cheaper rate then you need to be aware of any exit penalties your current lender may enforce upon you. Usually this information will be provided within your original loan contracts but the simplest way is to contact you bank and request a payout figure. Once you know this you can then work out exactly how much you will save by switching to a new loan.
Miracle Home Loans is always here to help and our promise is to deliver the lowest rate home loan but still provide that one on one original service people need. You can find us on the net at www.miraclehomeloans.com.au or call 1300 645 888.
