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Tassie Home Loans has announced a range of measures to help local borrowers cope with cost-of-living pressures.
According to brokerage Tassie Home Loans’ CEO, Surinder Agnihotri, there has been a “notable rise” in mortgage stress levels among Tasmanian home owners due to recent economic shifts and changing personal circumstances.
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The brokerage noted recent findings from Roy Morgan, which indicated that one in three Tasmanian mortgage holders is at risk of mortgage stress, and while the trend is not as severe as it was during the global financial crisis (GFC), additional rate rises could see this 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.”
Additionally, Tassie Home Loans is offering its clients loan term extensions and debt consolidation options to further help lessen the pressures of mortgage debt.
According to the Australian Securities and Investments Commission (ASIC), there is a 60 per cent success rate for customers who engage in these solutions to help them manage through challenging 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 wellbeing. Our team at Tassie Home Loans stands ready to provide guidance and information, free of charge, to anyone seeking assistance.”
RBA urged to hold rates despite inflation increase
In the midst of these cost-of-living and mortgage pressures, the managing director of Bell Partners Finance, Mark Stevenson, has called for the Reserve Bank of Australia (RBA) to hold off from increasing rates despite the small rise in the annual consumer price index (CPI).
“It would definitely be a false start from the RBA if they responded to this latest rise in inflation by hitting borrowers with another interest rate hike.
“The rate increases have had a big impact and continue to do so. Another increase will hurt badly. There have been reports that around half a million mortgage holders have already switched to interest-only payments because they have been struggling to make ends meet.
“We would hope the RBA would continue to monitor the economic developments, particularly the impact of government stimulus from tax cuts and cost-of-living handouts,” Stevenson said.
[RELATED: RBA should not ‘jump the gun’ on rates]
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