Managing Your Home Loan Repayments
Are you feeling stressed about your home loan repayments? If so, you’re not alone! According to some of the latest data from independent researcher Roy Morgan, just over 1 in 4 Aussie homeowners are at risk of mortgage stress. Fortunately, there’s good news on the horizon for anyone feeling stressed about mortgage repayments.
Home Loan Repayment Stress Is Real – But It Can Be Managed
Homeowners are dealing with a lot in 2025. There’s a cost of living crisis, global economic uncertainty and interest rates are significantly higher than they were just a few years ago. But thankfully, it’s not all doom and gloom. The RBA has already started cutting interest rates, with further reductions predicted later in the year.
Additionally, there are some practical steps that you can start taking right now that will help you manage your home loan repayment schedule with less stress.
1. Calculate Home Loan Repayments to Get Clarity
The first step is to get a clearer picture of what you’re dealing with and to do this, you need to calculate home loan repayments. Try using an online mortgage calculator to work out exactly how much your repayments are, based on your current interest rate, loan term and overall loan balance. This will help you make informed decisions.
2. How to Work Out Home Loan Repayments in Your Budget
The next step is to set a workable budget that allows you to cover your mortgage repayments without negatively impacting your cash flow. You can do this by:
- Making a list of your total monthly income and expenses.
- Prioritising mortgage payments above anything else in your budget – this is non-negotiable and should be the first payment that gets made each month.
- Analysing your current spending habits and trying to identify any non-essentials that you could cut back on to free up more cash.
- Tracking your spending throughout the month to stay on track.
3. Review Your Home Loan Repayment Schedule
The key to reducing home loan stress is to review your mortgage regularly. It can be tempting to “set and forget” but this can easily lead to you paying more interest than necessary. A routine home loan health check will help you evaluate whether you’re still getting the best interest rate.
4. Build a Buffer for Peace of Mind
Try to gradually build up a small emergency fund to act as a buffer for any unexpected costs. Having just a few extra repayments saved up for a rainy day could go a long way towards reducing mortgage anxiety.
5. Talk to a Mortgage Broker Before Things Get Tough
If you’re starting to feel out of your depth, talk to a mortgage broker as soon as possible. An experienced broker can help you reassess your loan, explore refinance options and even restructure your loan repayments to give you a little extra breathing room.
Home Loan Repayments Help Is Just a Call Away
Handling your mortgage repayments doesn’t have to be stressful. If you can learn how to work out home loan repayments and determine your home loan repayment schedule, you’re halfway there. With the right strategies and support, you can take back control of your finances and manage your home loan minus the anxiety. For expert advice that you can trust, contact the experienced team of brokers at North Brisbane Home Loans today.
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
