Keeping a roof over your head is very important, so most people will make an extra effort to keep up with their home loan repayments. However, a rise in the interest rate or a life change such as a relationship break-up, job loss, or sickness, can put loan repayments under pressure.

Don’t wait until you’re behind in your payments – take action now and get your home loan back under control.

1. 

   If you’re struggling to make repayments, talk to your home loan provider. They may be able to offer some options, such as interest-only repayments, or increasing the term of your loan, that will allow you to get back in control.

2. 

   It can be easier to manage your budget if you make a smaller weekly or fortnightly repayment on your home loan, rather than one large repayment each month. Increasing the frequency of repayments can also help you pay off your loan sooner. If you shift from monthly to fortnightly repayments, for example, you effectively make 13 monthly repayments a year instead of 12. This will reduce your home loan amount faster and cut the total interest you pay.

3. 

   If you have a spare bedroom, look on this as an asset. You could take in a flatmate or host an international student. If your house is bigger than you need, you could consider renting it out, and renting a smaller, lower-cost house to live in.

4. 

   Many people juggle multiple debts such as credit cards, hire purchase, personal loans and store cards. If this sounds like you, you may be paying more interest than you need to.

   Talk to your home loan provider about the possibility of consolidating your debts into your home loan. Home loan interest rates are generally much lower than the interest rates on credit cards or other loans.