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What if mortgage rates go up? How to cope with rising home loan costs
Rising mortgage rates can be difficult to deal with but there are ways you can make it easier
AI summary
Rising mortgage rates can be stressful, but proactive steps can ease the pressure. Contact your lender or broker early to understand your new repayments and review your budget to identify potential savings.
Consider restructuring your loan by extending the term or using an offset account to lower monthly payments. For more significant financial strain, interest-only payments or a mortgage holiday can provide short-term relief. If you're struggling, free debt management services like CAP and Debtfix are available to help.
How to cope with rising interest rates
Find out what your new rate and repayment amount will be
Understand and control your spending
Restructing your loan can make repayments easier.
Restructure your loan
Try interest only or take a mortgage holiday
There is help available if you're struggling with your mortgage.
Get help when you need it
When will interest rates go down?
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