In the wake of inflation, many Australian households are under financial strain. Stagnant wages, increasing interest rates, and an increase in the cost of living are making things harder. Unfortunately, even for mortgage holders, government relief measures such as rent assistance or energy bill support are not enough.
Now, before things get out of hand, you should seek the services of a mortgage broker.
With the economic uncertainty continuing, mortgage brokers are no longer just facilitators. The role of a mortgage broker has evolved, especially in communities such as the Sunshine Coast, where the cost of living is rising daily. According to Roy Morgan ( Australia's most well-known market research company), the number of homeowners at risk of mortgage stress has increased by 644,000.
A professional mortgage broker is often the first to see that a client is starting to struggle. They notice when a client begins missing a repayment or expresses stress over rising interest rates. Mortgage brokers not only help people buy homes, but also help them stay in them.
Your ideal mortgage broker must stay informed on more than just lender policies. The broker should be confident enough to initiate difficult but necessary conversations about your finances. They should also know which options exist for distressed clients and the best time to refer them to debt and credit professionals.
Not every client who needs help should file for bankruptcy. Many simply need breathing space. A mortgage broker in the Sunshine Coast provides informal debt management solutions, such as negotiated repayment plans or instant freezes. Such solutions offer a way forward without the long-term consequences of more extreme measures.
Being a Steady Hand Through Financial Strain
In times of financial stress, you need someone who can listen, understand, and advise. If you have multiple debts and are falling behind on repayments, you need an experienced professional who can provide solutions. A mortgage broker can take you through several options calmly and without pressure while helping you understand your financial position more clearly.
Brokers are better positioned to recognise signs of hardship and can better guide you on how to approach your lender. Financial difficulties that lenders consider include significant experiences that make it challenging to meet financial obligations, such as job loss, illness, income reduction, or business failure.
What most people don’t know is that they can apply for temporary relief from their lender. A mortgage broker can help you apply for hardship assistance by requesting changes to your loan term due to financial stress.
The broker will help you gather and present the following information to your lender.
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