In mortgage prison? How to get out of jail (almost) free

The school kids are settled, and no doubt you’re back in the full swing of things. But the year really begins on Tuesday, when the Reserve Bank will meet for the first time in 2023 to decide our financial fates yet again.

This is bad news indeed when the number of mortgage holders considered ‘at risk’ of mortgage stress – when your repayments consume more than one-third of your income – has pushed above the long-term average. Roy Morgan data puts this at 22.8 per cent, the highest in a decade. Then there are the 15 per cent of households who are considered ‘extremely at risk’.LoadingPick up the phone and tell your lender you know all about the discounts being dished out by the big four banks.

Pick up the phone and tell your lender you know all about the discounts being dished out by other banks.Should that approach bear no fruit, jump on your online banking and search for a ‘mortgage discharge form’ or something similar. But your existing lender will not and does not have to do a fresh loan assessment in this circumstance, and an overnight interest rate cut will just give you instant expense relief.

If your loan is now worth more than your home, known as being in negative equity, this is a bad situation indeed. And you will not qualify for a new loan without a big cash top-up.

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