Tassie Home Loans, dedicated to assisting local residents with their mortgage needs, recognises the growing issue of mortgage stress affecting many Tasmanians.
Recent economic changes and the increasing cost of living have placed significant pressure on homeowners, leading to heightened financial concerns.
“Our observations indicate a notable rise in mortgage stress among Tasmanian homeowners, largely due to economic shifts and personal circumstances such as changes in employment conditions,” said Surinder Agnihotri (pictured above), CEO at Tassie Home Loans.
According to insights Roy Morgan Research, nearly one in three mortgage holders (1,602,000 mortgage holders) are at risk of mortgage stress in the three months to June.
This trend, while not as severe as during the Global Financial Crisis, raises concerns among regulatory bodies and economists alike. Additional rate increases could see that figure grow.
“In response to these challenges, Tassie Home Loans offers viable solutions aimed at easing mortgage burdens,” Agnihotri said.
“Options such as refinancing to secure better interest rates and negotiating temporary payment breaks with lenders can significantly alleviate financial pressures.”
ASIC underscored the effectiveness of such measures, indicating a 60% success rate for customers who engage in these programs to manage through difficult economic conditions.
“While adjustments to lifestyle may be necessary, achieving financial stability is within reach for most with expert credit advice,” Agnihotri said.
“Making informed decisions promptly is crucial for long-term financial well-being. Our team at Tassie Home Loans stands ready to provide guidance and information, free of charge, to anyone seeking assistance.”
For additional information and support, individuals are encouraged to visit the National Debt Helpline at 1800 007 007.
Mental health support is also available through LifeLine at 13 11 14.
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