Many Aussies are feeling the effect of the rise of interest rate and cost of living on their finances, including people who might be struggling to make their mortgage repayments now or in the near future. However, there are a few things you can do to help you get on top of your finances during this difficult time.
Talk to your bank immediately
If you are experiencing a temporary rough patch or can see one on the horizon, your first port of call should be to speak to your bank. They can help you take stock of the situation before things start to spiral, and may help give you more breathing space during a stressful time. That’s why Suncorp Bank Home Loan Adviser, Heidi Aspinall, reiterates that speaking to your bank first is incredibly important.
“We are here to help customers. The earlier you let us know, the earlier we can try and help you put a plan in place to get you back on track, depending on your circumstances” says Aspinall.
We want to help support our customers. The earlier you can let us know, the earlier we can try and help you put a plan in place.
Seek advice from a professional
If you’re feeling swamped, it may be best to seek advice from a professional. They’ll be able to take a deep dive in to your finances and help determine what your best course of action is for the future, including potentially consolidating your debts, refinancing your home, and other longer term plans.
Published 24 June 2023
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The information is intended to be of a general nature only and any advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.
Deposit products issued by Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”). Terms and fees apply. Read the relevant Product Information Document and Terms & Conditions before making any decisions about this product. Any advice does not take into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.
