Mortgage Repayments

"Each will be individually tailored for the particular customer, but they could be extending the period of the contract on the loan," he said.

This news is great because people just need to get the strain taken off and if they can freely negotiate with their banks then it makes a good outcome possible. At one stage I negotiated to suspend my payments for a year so that I could rejig my finances and my life. I had been paying more than the mortgage payment but my financial situation suddenly changed and I was sinking. To be able to negotiate my mortgage was the best thing I could do to help me get back on my feet. A year down the track and everything was so much better and I could pick up the repayments and steam ahead. The other thing I did was sell an expensive propety and get a cheaper one so that I could manage. There are lots of things you can do and it makes life so much better if you learn to be a bit more flexible in how you deal with things. It can be tough and worrying but you need to get a good plan together and stick to it. The government's coming in onside just will help people feel a bit more secure about negotiating finances. In the end the banks do not lose out...and nor do people.