Property

While the recent figures showing a rise on home loan foreclosures wasn’t huge, the upward trend is a concern when they show the biggest casualties are the self employed and first home buyers.

But there are steps to take to sort it our;

1. Do a budget and work out expenses to cut and where extra income can be earned.

2. Speak to your lender and tell them how you plan to get out of trouble.

3. Increase the length of your loan so repayments fall. But try and get back on track quickly.

4. Pay interest only

5. Get a better deal. Find out if your lender offers a cheaper basic home loan, which offers fewer features but charges less interest.

6. Rent out your home, move to a place with a lower rent and use the difference to meet repayments.

7. Sell and move on