Mortgage health month to help consumers avoid stress

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ASIC has launched  Health Month Month to encourage consumers to take early action when they spot the signs of mortgage stress.

ASIC’s MoneySmart website includes practical information for consumers facing various levels of mortgage stress, short video guides, tools such as a budget planner and mortgage calculator and guides to obtaining help from free financial counsellors and legal services.

Mortgage Health Month seeks to motivate consumer action through a series of online video clips showing Real Stories about Real People.  It also offers a simple and appealing online Mortgage Health Check.

Consumers will be encouraged to take action appropriate to their particular situation, for example

  • go to ASIC’s MoneySmart website
  • check where your money is going – use the MoneySmart budget planner to create a budget at www.moneysmart.gov.au
  • talk to your lender, or if that doesn’t solve the problem, to an External Dispute Resolution scheme such as the Financial Ombudsman Service
  • seek assistance from a free financial counsellor by calling the national telephone advice service (1800 007 007) or use the financial counsellor locator tool on MoneySmart
  • seek legal advice by using MoneySmart to locate  services available

Other specific actions relevant to the consumer’s circumstances are identified on the web site.

Brochures, referral information and web site copy have been provided to the community service providers that consumers are most likely to consult when faced with life events that are known triggers of mortgage stress.

For more information about Mortgage Health Month check the MoneySmart website (www.moneysmart.gov.au), follow @MoneySmartTeam on Twitter or like the MoneySmartAU Facebook page.

The Australian Securities and Investments Commission is the national financial regulator. It now has responsibility for consumer credit law. ASIC operates the MoneySmart website (www.moneysmart.gov.au), a key information resource for consumers and investors in relation to a wide range of financial matters.

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