HLG044 Building a Strong Foundation: Avoiding Mortgage Default (657 words)

With higher interest rates and costs of living, Australian homeowners are feeling the pressure. This article explores mortgage stress and what you can do to avoid mortgage default.

When building a home, it's often said that the foundations are the most important part. Their primary purpose is to hold your house up - supporting the structure and preventing it from being affected by uneven ground.

Similarly, when purchasing a home and financing it with a mortgage, your financial foundation is just as crucial. A solid financial foundation can help you avoid mortgage stress, loan default, or even eviction.

Unfortunately, economic factors such as higher living expenses, interest rate hikes, or job loss can jeopardise your financial foundation.