Major banks are offering mortgage pauses for people that are experiencing hardship from the coronavirus pandemic, but it comes at a cost: home loan repayments will increase from banks capitalising on your loan interest.
UQ Business School's real estate expert Dr John Sturgeon says there are other options that could minimise financial strain, such as reducing your payments for a period, rather than pausing the full loan repayment.
"You could also access funds in your redraw facility if you're ahead on your payments," Dr Sturgeon says.
Find out more about the other financial options Dr John Sturgeon suggests via All Homes.
