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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 help manage the increase. Start by contacting your bank or mortgage broker early to calculate your new repayments and review your budget to cut costs.
For more significant relief, consider restructuring your loan by extending the term or using an offset account. In difficult situations, discuss short-term options like interest-only payments or a mortgage holiday with your lender. Free debt management services like CAP and Debtfix are also available for support.
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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