Browse Forums Home Finance First Home Buyer Stress 21Apr 23, 2009 1:34 am purpleninja so do you believe there are many home owners who are currently in or close to mortgage stress at the moment? I am not up to date on those stats. BTW, the poll has been very popular so far. Re: First Home Buyer Stress 22Apr 23, 2009 6:29 am Mortgage stress has dropped slightly in the last few months due largely to the drop in interest rates and the government stimulus payments - but people who have moved out of mortgage stress are still perilously close to it and are currently not mortgage stressed due to these short-term unsustainable factors. By unsustainable I mean rates will not stay at these levels forever and the government cannot keep making stimulus payments. But with unemployment rising this is starting to adversely influence mortgage stress levels. Interest rates will probably stay low in the short term but as unemployment will continue to rise this will continue to increase levels of mortgage stress. Additionally when rates do eventually go up, those who are barely out of mortgage stress currently (i.e. those who are currently able to meet their lending and other commitments without much of a buffer) will become mortgage stressed. This will include people who moved out of mortgage stress due to the changes I mentioned above, as well as those who have newly entered the housing market when rates were very low and government rebates helped their entry (e.g. new home owner's grant). First Home Buyers 24Apr 24, 2009 12:19 am Make a claim on Redundancy Insurance policy has not got a vote yet. Re: First Home Buyers 25Apr 24, 2009 6:06 am thlo Make a claim on Redundancy Insurance policy has not got a vote yet. I guess most people would want to find a sustainable solution, and the redundancy insurance policy is a short term solution or not an option at all if you don't have that type of insurance. As short term solutions go the repayment holiday would apply to more people than the insurance claim so you might find that if the repayment holiday option was not available you might have a few more votes for insurance claim. If you're trying to find work you might make a claim or ask for a repayment holiday, but the sustainable overall plan would be to try to find a new job. Also a number of the options are steps that are not incompatible with each other so it doesn't mean that people wouldn't actually choose more than one option, either together or in sequence. So you might: Try to Find any job (including casual, temp) to keep your home While looking for this job or a suitably paying job you could also: - Apply to your lender for Repayment Holiday - Make a claim on Redundancy Insurance policy - Get by on partner's income If those options were all unsustainable and a suitably paying replacement job was not possible you might be forced to have to consider to: - Sell your home and go back to Renting - Hand the keys in Re: First Home Buyer Stress ? 26May 13, 2009 12:51 pm I see from the poll that members are confident they will ride out the Recession with their resolve. Re: First Home Buyer Stress ? 27May 13, 2009 3:04 pm Fortunately my job is pretty secure, I am a permanent employee of a state govt department. I plan to go back part time next month, but if hubby lost his job he would probably do casual labouring/whatever and stay at home with our daughter 3 days a week instead of me. I'm very cautious of having too much debt at the moment, in any case. ~*~Moved in on the 16th April 2011~*~ Re: First Home Buyer Stress ? 28Jun 18, 2009 8:43 am mellybuilding I am a first home buyer, We will be using all of my wage to pay for the mortgage and live of my partners. Out of my wage we will be putting in an extra 900 a month into the mortgage aswell. If one of us were to lose our jobs it would be very difficult. That is why we will be pumping as much money as possible into the mortgage as we can, so if something unforseen does happen we have a bit of a back up. Forgive my ignorance, but by paying more into your mortgage how does this assist if income suiddenly becomes an issue? Doesn't your minimum repayments remain the same? Re: First Home Buyer Stress ? 29Jun 18, 2009 9:41 am Niko, I'm not sure if all loans work like this but with our credit union, if you are ahead with payments and you then want to reduce you minimum payment (say, if your income reduced) you can apply to do so and they will let you decrease it to a minimum level that will see you still on track to pay off in original term. Obviously if you pay extra but don't reduce the payments, and don't re-draw the money either, you will pay the loan off quicker than original term Re: First Home Buyer Stress ? 30Jun 18, 2009 12:02 pm niko mellybuilding I am a first home buyer, We will be using all of my wage to pay for the mortgage and live of my partners. Out of my wage we will be putting in an extra 900 a month into the mortgage aswell. If one of us were to lose our jobs it would be very difficult. That is why we will be pumping as much money as possible into the mortgage as we can, so if something unforseen does happen we have a bit of a back up. Forgive my ignorance, but by paying more into your mortgage how does this assist if income suiddenly becomes an issue? Doesn't your minimum repayments remain the same? The more i put in the more I will be in front. If I become redundant we are able to take repayment holidays as a feature of our loan. EG No payments whilst we are in front. Its not a permanent fix, But a good back up and buffer whilst loking for a new job Living in Caloundra Thread****** Lovin my house all finished!!! Now tackling the HUGE task of the Garden- viewtopic.php?f=31&t=14782 Re: First Home Buyer Stress ? 32Nov 13, 2009 12:51 am Lenders have started featuring these services more lately. Not much in this responce. My suggestion is, what are you looking to build and why. This will all be impacted by the local councils planning scheme. Familiarise yourself… 6 5871 So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. 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