Mortgage stress is often the cause of borrowers experiencing financial stress and not being able to make their minimum monthly repayments.
With all of these recent interest rate rises, it’s not difficult to imagine that a household income committing to a once affordable mortgage loan is now experiencing high mortgage stress levels.

Borrowers who are struggling financially may be forced to go into financial hardship, which could lead to further financial problems down the road.

You’re considered to be under mortgage stress if you are worrying as to whether you’d be able to make the minimum mortgage repayment.
Borrowers may fall behind on payments due to job loss, illness, divorce, or any number of other factors.

Many financial institutions require borrowers to prove that they can afford to repay their loans, however due to changes in circumstances that come from life’s many curveballs, borrowers may find it difficult to consistently meet these requirements for an extended period of time.

Fortunately, there are many ways to alleviate mortgage stress.
Financial stress is often caused by not being able to determine how you’re tracking financially. It’s a fear of the unknown.

The best way to know what you can expect is to have a budget that shows where your money is going on a daily, weekly and monthly basis.

This is a very common scenario. We may negotiate with your creditors to obtain the lowest monthly payment obligation that fits within your personal or household budget.
We also offer suggestions on how you can tailor your expenses to reflect your income.

MyBudget is a budgeting, debt solutions, and money management service. We provide a range of structure and support services associated with managing your personal expenses. While we do hold an Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL), we are not financial advisors and offer general financial advice only. For personal financial advice or financial product recommendations, we recommend you seek the services of a licensed financial advisor.

We do all the work so you don’t have to worry. Our dedicated team will set up your MyBudget account where all of your bills, savings and payments are managed for you.
We do the heavy lifting that relieves money worries. Using income deposited into your MyBudget account, we pay your bills, set aside savings, and automate your finances so you can achieve your financial goals.

When facing times of financial stress, it’s important to be as proactive as possible.
There are many ways to tackle mortgage stress, including creating a budget, refinancing your mortgage, consolidating your personal debt into your home loan, and more.

Our team will work with you to create a plan that is tailored to your unique circumstances.

MyBudget is a powerful and worry-free way to manage your money. MyBudget’s budgeting and payment platform maps out the future of your money. Your budget stays on track because your bills, savings and financial goals are automated and managed within one powerful platform. You have all the benefits of visibility, structure, automation and control in the convenience of an app, plus the support of our money experts.

Your MyBudget journey begins with an initial conversation with one of our money experts. They will chat to you about your financial position and gain an understanding of the financial goals you want to achieve. Once we have this snapshot, we will connect you with your very own Personal Budgeting Specialist. We can arrange a time convenient to you (and your partner where relevant). At that session we create a complete picture of your 12-month budget plan that is yours to keep for FREE!

This budget plan provides you with a detailed understanding of how, together with the support of MyBudget, you can live a life free from money worries and achieve your financial goals.