Feature article
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 costs. Contact your bank or broker early to understand your new repayments and lock in a rate. It's also wise to review your budget and cut back on non-essential spending.
Options for relief include:
- Loan restructuring to extend your loan term
- Interest-only payments for short-term help
- A mortgage holiday for severe financial hardship
If you're struggling, free services like Debtfix can provide professional 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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