Minimising financial stress as mortgages are ‘turned back on’
It was the 12th of March 2020 when the Australian Government announced their first roll out of financial assistance to businesses to help supplement their losses due to COVID-19. What was to follow, saw thousands of people almost overnight partially, or completely lose their jobs and begin to feel the effects of financial hardship.
The remainder of March provided two additional supplements from the government, continuing to help counterbalance the widespread and unfathomable employment deteriorations, as businesses were left with limited options, confined by further government restrictions and guidelines.
Witnessing the dramatic scenes of the now unemployed individuals queuing for financial assistance, together with Australian Government requests, provided Australian banks with the ability to adapt with the evolving landscape to provide options around ‘mortgage pauses’ or ‘breaks’ to try and alleviate the financial burden.
As a nation, we came together and minimised the curve as best we could, ultimately providing the capability to return to work for many, resulting in many mortgage breaks overturned.
However, for those in Victoria now possibly facing secondary reinforced lock-downs, risking their reinstated incomes, along with many individuals still struggling to find their ‘financial feet’, how can we look to minimise financial stress, with a sudden return to ‘normal repayments’?
Analyse your options
If you haven’t already, now’s the perfect time to analyse your existing mortgage outgoings (both pre-COVID and amidst-COVID if you have altered your mortgage repayments). Work out just what interest rates your paying and seek to find a cheaper, more affordable option to repay your mortgage.
With such a drastic and recent shift across the national financial landscape, many new products and services have been introduced to help easy mortgage stress. Engaging a mortgage broker can be a great way to delegate the often dry and difficult, research phase. A mortgage broker will help identify products offered by licensed financial institutions, best suited to your individual needs. And the best bit… a mortgage broker comes to your home, even after hours! Meaning you don’t need to worry about juggling work, or the kids, in order to identify some much-needed financial flexibility and freedom.
Too often, when we consider ways to reduce our financial stress or gain additional financial freedom, we direct our focus on minimising costs. Of course, this is the most logical direction, and usually the first area we ‘workshop’, when we scan our personal situations. However, what if we considered the opposite of this, and looked at increasing our incomings? Wouldn’t that also contribute to aiding our financial insecurities?
Whether it’s by attracting another employer and gaining an additional job (although now might be a little trickier to do so), or repurposing unused household items, increasing your incomings can often provide less financial stress. Think… hardly used power tools, barely worn clothing or even home décor items that, you kinda, you know, don’t quite love anymore. These types of items often get snapped up when advertised correctly online, and if you’re lucky, under multiple bids! You’d be surprised what some people are searching for, and you never know – you may just have it sitting in your home, collecting dust!
How we can help
If you’re looking at refinancing, or are contemplating selling, our in-house mortgage broker and/or experienced Eview Group sales agents would be more than willing to help identify options, strategies and ideas to help alleviate your financial stress and market your home. Our Eview Group members are experienced and friendly and would love to hear from you. To find your local Eview Group Proud Member agency, visit www.eview.com.au