Mortgage Repayment Reality: A Young Couple’s Story 🏠
Many people feel the same way about money. A young couple on the Central Coast of NSW, Georgia and James, know this feeling well. Even with a good income of $200,000 a year, they faced a tough mortgage repayment reality.
Their home was bought for $500,000. Back then, the payments were easy. But when interest rates went up, their payments almost doubled. They went from $550 a week to about $900 a week. This was a “horrible” and “massive jump” for them.
Life in the “Same Boat”
Samatha feels everyone is in the same boat right now. Food costs more. Daycare costs more. Their mortgage costs more. Even with a good income, they felt financially stressed.
Georgia said she would not have bought the home if she had known this would happen. She is glad they bought when they did. The average house price in their area is now over $900,000. It would be much harder to buy today.
Their Smart Financial Hack
To manage their money, the couple found a great trick. They started paying their bills in advance. They use weekly payments. They do this for their rates, electricity, and water bills.
This means they do not get a big bill at one time. For example, a $1,600 rate bill did not bother them. They were already in credit. This hack has “changed their lives”. It helps them feel less stressed about money.
How a Mortgage Broker Can Help
This story shows that managing a home loan is not always easy. A high income does not always mean you are stress-free. It is important to be smart with your money.
A mortgage repayment reality check with an expert can help. We can look at your loan. We can find a way to make your payments easier. We can help you pay off your loan faster. We can help you with a home loan health check to see if you are on the right track. You can find more helpful advice on the MoneySmart website.
Contact EZ MORTGAGE BROKER today for a free chat. We can help you manage your mortgage.
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