More Australians are feeling mortgage stress as the economy slows - but is there a way to help pay down their debts faster?

Several analysts have reported that the current trend for Australian home values mirrors rates observed during the global financial crisis of 2008. Home Loan Minimiser inventor Karl Mifsud is concerned that market conditions will worsen as interest rates continue to surge until the end of the year.

The growth rate in housing values was slowing well before interest rates started to rise, but it's clear that the market has weakened quite sharply since the first rise in interest rates a couple of months ago.

Many homeowners may be forced to tighten their belts after the Reserve Bank of Australia lifted the cash rate by half a percentage point, sending an estimated 200,000 households into mortgage stress.

What pushes Australians into mortgage stress

Mortgage stress is a reality for many Australians as they struggle to keep up with repayments. With interest rates on the rise and household budgets under pressure, more and more people are finding themselves in financial difficulty.

According to the latest reports, the average mortgage for owner-occupiers now sits at $596,000--and with interest rates rising, many families will struggle to make the monthly repayments.

On top of this, Australia's wage growth has been stagnant for several years, meaning that families have less disposable income. This is despite the cost of living rising faster than wages, forcing households to keep up with the demands. All these have placed immense pressure on families to make ends meet.

Karl Mifsud's solution to mortgage stress

Economists propose that the best way to ensure Australians don't fall into mortgage stress is to devise measures to reduce interest rates. This might be the most straightforward solution, but it's also challenging to implement immediately. This has pushed people to seek refuge and turn to financial experts.

Since Mifsud's tool was patented in 2017, it has established itself as an innovative solution to mortgage loans, helping Australians save thousands of dollars on their debts. The formula has also enabled many homeowners to pay down their mortgage loans faster than what was previously held as the standard time frame for settling them.

"People have been conditioned by society to stay in debt till they retire," says Mifsud. "My offering is a solution to millions of Australians who are in mortgage jail. Using the tool and the principles I teach, they can pay off their home loan well ahead of the original 25 or 30 years and create a property portfolio of income-generating assets that will replace their income upon retirement."

According to one mortgage bank auditor and consultant, Mifsud's method benefits Australians by allowing them to take advantage of tax benefits and interest-free credit, applying extra money towards their mortgage payments. It substantially cuts the time it takes to pay off one's mortgage.

Though Mifsud's tool and courses are relatively new, his experience isn't. The time he spent in his career in the mortgage and financial space has helped hundreds of people reduce debt and acquire income-producing assets that attract tax advantages payable weekly. Many have already retired and or are on their way to retiring debt-free with multiple income-producing properties that have replaced their wages.

He has also sought the expertise of the biggest brains and thought leaders in the financial space when he created the courses for their inside knowledge, effectively creating a place for people to learn, apply and earn.

When asked what pushed him to develop his courses, he says, "People don't know what they don't know. And, it can often seem unfathomable to imagine being able to pay off a home loan when everyday pressures continue to escalate, forcing them to abandon their dream of owning a home. That's why I have gone to the trouble to get Home Loan Minimiser formalised with the Australian Patents Office so that people realise it's 100% possible."

Mifsud has now launched and released his Home Loan Minimiser and other financial courses to the public via the official website. The course is broken down into easily digestible modules guided by Mifsud himself.

Karl Mifsud

comtex tracking