Video: Tran struggles with mortgage repayments
Video keeping on top of your mortgage
I was really careful when I bought the flat. It was an
investment in my future and I bought it at a price I could afford.
But I didn't have much room to move if something changed.
I didn't think interest rates would rise so soon. We've had two
increases in the past 12 months and they reckon there will be more.
Now I'm having trouble sleeping at nights. I'm worrying about
keeping up the repayments on my mortgage.
I haven't missed a payment yet, but I've been putting all my
other expenses like power and water bills on credit. Both my credit
cards are maxed out and last month I had to borrow $800 from my
uncle to pay the registration on my car. I really have to pay him
back before my parents find out.
The only condition my uncle made was I had to get help from a
financial counsellor. For me, I don't like the idea of speaking to
a counsellor. Sounds like a lecture about good financial management
and I do understand money, it's just right now, I'm losing
I checked out the MoneySmart website. Using the mortgage
calculator, I could see what another rate rise was going to do to
my budget. But at the end of the day I didn't want to bump into my
uncle and have him ask me if I've talked to a financial counsellor
yet. It seemed easier to just do it.
There was a locality guide to financial counsellors on the
MoneySmart website. I made a call and set up a meeting. Turned out
to be my best move since talking to Jenny at my cousin's wedding.
But that's another story.
Last updated: 09 Aug 2016