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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. Contact your lender or broker early to understand your new repayments and lock in a rate. Review your budget to identify potential savings.
Consider loan restructuring by extending your term or using an offset account to reduce payments. For short-term relief, options include interest-only periods or, in extreme cases, a mortgage holiday. If you're struggling, free services like CAP and Debtfix offer professional financial 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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