Mortgage Repayment Stress Claiming 1 in 5 Homes
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Today the Sydney Morning Helard reported that "up to one in five stressed households will lose their homes, according to analysis of mortgage stress data.", and every 0.25% interest rate rise "will push another 150,000 households into mild stress, and 75,000 into severe stress".
"It's alarming and disappointing to see the impact rate rises are having on the average homeowner, especially as the stress could largely be avoided with a small amount of planning and discipline" said a spokesperson for Home Money Manager, author of the mortgage software Home Loan Interest Manager Pro.
Mortgage Repayment Stress - For software details and to download now click here.
www.HomeMoneyManager.com - Apr 22, 2008 -
The finding comes from a new report "Anatomy Of Australian Mortgage Stress" from Fujistsu Consulting due out this Thursday, which analysed the stress data collected from a study of 26,000 households by Fujitsu and JPMorgan since 2006.
"At the moment, we're finding that around 20 per cent of those who go into the slippery slide never get out," Martin North, the managing consulting director of Fujitsu Consulting told Fairfax, and "Once you're in severe stress, there's only about a 50-50 chance of getting out."
A spokesperson from Home Money Manager explained "If the Government and the banks provided homeowners with the training and tools they need to help manage their debt, homeowners would be in a much stronger position to navigate their way through the tough times and interest rate rises."
"Based on feedback from our clients we find that homeowners are unprepared for interest rate rises. Most admit they don't know what an interest rate rise would do to their monthly mortgage repayments until after it has happened, and by then it is too late."
Being prepared is the key. If you know the impact before your mortgage repayments change you can start budgeting for the increase. Better still, those that can start making the extra repayments before the next rate rise can build up a safety buffer, with the added benefit of the extra repayments reducing the total interest paid over the life of the loan.
"Our clients are often amazed to discover that just $10 extra a week can save them between $30,000 and $40,000 in interest charges over the life of a 30-year mortgage."
While the more you can repay at the start of your home loan the bigger the saving, it's never too late to start. "It's all about being informed, having a plan, and having the right tools to help you stick to your plan."
About Home Loan Interest Manager Pro
Home Loan Interest Manager Pro is mortgage software package designed for the homeowner and property investor. With this mortgage software you can track, plan and manage all aspects of your loans, check the accuracy of your interest charges, and discover how to pay off your mortgage sooner.
Home Loan Interest Manager is compatible with Windows Vista, XP, 2000, Mac OS X, Linux, and any operating systems running Java 1.4 or greater.
To download and try the software for free, or to find out more about the product, please visit http://www.homemoneymanager.com/home-loan-interest-manager.html
Sydney Morning Herald, 21 Apr 2008, "Homes at risk as stress takes toll"
About Home Money Manager:
Home Money Manager specializes in the production of mortgage audit and home loan manager software. Download mortgage checker software and find out if your mortgage is one of the thousands being overcharged interest EVERY DAY.
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