How you can make your mortgage more affordable

If you are feeling the pinch when it comes to paying your mortgage you are far from alone.Data from comparison site Finder shows 36 per cent of mortgage holders struggled to pay their home loan in August, with 14 per cent missing at least one repayment in the previous six months.Reserve Bank Governor Michele Bullock addresses the media following the announcement that the RBA will increase interest rates to 4.6 per cent. Picture: NewsWire / Nikki ShortFinder personal finance expert Sarah Megginson says it’s not just rising interest rates that are hurting the hip pocket.“Things like insurance premiums, groceries, petrol and energy bills have all climbed, eating into the same budget that also has to stretch to cover the mortgage,” she says. “For many households, it’s not one single thing pushing them into stress – it’s the accumulation of higher repayments sitting on top of the fact that everything else is costing more, too.”The cost of living has skyrocketed. Picture: Steve PohlnerREVIEW YOUR BUDGETMortgage broker and co-author of The quick-start guide to your first property Rachelle Kroon says in order to make your mortgage more manageable, it’s important to look beyond just interes...