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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 strategies can help you cope. Plan ahead by contacting your bank or broker to understand your new repayments and lock in a rate early.
Review your budget and cut non-essential spending. You can also explore restructuring your loan by extending the term or using an offset account. For short-term relief, consider interest-only payments or a mortgage holiday. If you're struggling, free help is available from services like CAP and Debtfix.
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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