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ISCOVER
Staff Reporter
To help borrowers avoid falling into potential mortgage stress, the Australian Securities Investments Commission has launched a new online resource.
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The online resource, which is available on the corporate regulator’s consumer finance website www.moneysmart.gov.au, will enable borrowers to complete their own health check.
In addition to the new resource, ASIC also said it would hold a Mortgage Health Month in September in a bid to provide borrowers with advice on the practical steps to take if they have mortgage issues.
“From time to time some people find themselves struggling to pay their mortgage as well as juggling debts. Financial issues are often triggered by a change in circumstances such as illness, losing employment or divorce,” ASIC senior executive leader financial literacy, consumers, advisers, retail investors Delia Rickard said.
‘We know a small number of Australians are in arrears on their mortgage. However, many more struggle to make their mortgage repayments on time, and can only do so by running up other debt. We want to educate people about the signs of mortgage stress and motivate them to take early action.”
Ms Rickard said ASIC will hold events in specific geographical areas where the rate of mortgage stress is high.
