Many Australians are feeling a bit stressed about their mortgage and if rates rise again this year the stress is sure to spread. More and more Australians today are having financial difficulty and an increasing number of families are finding it financially impossible to keep up with monthly mortgage payments. If you are a homeowner and have missed mortgage payments, you are not alone. Default notices have been going out and homes are being repossessed.

What Are The Figures?
Rating agency Fitch found that home loan defaults have risen sharply and in the last three months of 2010 skyrocketed 12.5% from the previous quarter. The rate is predicted to move even higher during the first quarter of 2011.

Another recent report by QBE revealed that across the country 2% of homeowners poled said that they were unable to currently meet their monthly mortgage payments. An even higher number of those surveyed for the same report said that if interest rates were to rise again during the year, they would be unable to meet the higher payment amount. 11% said that if rates rose just .25% they would not be able to afford their payment and that number rose to 23% when those surveyed were asked: could they pay their mortgage if interest rose .50%.

In news that is not good for these homeowners, interest rates are predicted to rise potentially two times later this year. NAB reports that the first rise could be in August totally .25% followed by another possible hike in November. Now its getting hard to find lowest home loans in the country as well.

So What Are Homeowners To Do?
Homeowners who are being faced with financial stress and are having trouble meeting their loan payment should take action. If you start right away to find a solution you are more likely to figure out a means to be able to once again afford your payment.

Lisa Montgomery, Resi home loans chief executive says,
“There is usually a really easy fix to mortgage stress. You can look at going interest-only for a while to reduce the repayment, or consolidate other loans. But these strategies should only be used in the short term to prevent financial hardship.”

The issue is that many homeowners don’t act quickly enough. Instead of picking up the phone and calling their lender they wait. The longer they wait the more behind their mortgage gets and before they know it they are getting an eviction notice in the mail.

If you find yourself struggling to make your loan payment, contact your lender immediately and try to work out a solution.

Look At The Big Picture
Many people who are under financial stress could solve their issue without seeking outside help. More often than not, it all comes down to budgeting. If you have found yourself in the situation of not being able to meet your monthly mortgage payment or fear you might not be able to if interest rates do rise, taking a close look at your monthly budget just might help.

Creating a budget is not that difficult and it is really a matter of looking at the money coming in each month verses the money going out. If you have more going out than coming in, your finances may need some work. Take a close look at where the money is being spent and see where you might be able to make cuts. Simple budgeting many times can be an easy solution. And collecting some good tips on finding lowest rate home loans would also be very helpful.

Even if you are able to afford your mortgage payment today but are worried about the possibility of interest hikes later this year, fine tuning your budget now can help you be prepared.

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