Help! I’m Terrified I’m Going to Lose My Home

Hi Scott,

I've been following you for years, but right now I’ve hit a wall. I bought my first home in August 2024, but by December I was already in financial hardship – and I’ve been stuck there ever since. I left a well-paying job (long story) and ended up unemployed for four months. Now I’ve found work, but it’s a long commute and I’m only earning $1,400 a fortnight … while my mortgage is $1,200 a fortnight. There’s not much left over – financially or emotionally. I’m terrified I’m going to lose my home, and I don’t know what to do.

Maura

Hi Maura
 
Wait, you’re living off $200 a fortnight?

That’s not financial hardship, that’s a Centrelink-sponsored episode of Survivor.

Look, unless you can magic up a better-paying job fast, you need to seriously consider selling your home.

That’s where you are at right now. It doesn’t have to be forever. Maybe one day you’ll buy another home, on your terms, with a story that starts:

“Back in 2024, I bought a house I couldn’t afford ... and that’s when everything changed.”

Right now, though, you need backup.

Call the National Debt Helpline on 1800 007 007.  You’ll be connected to a free financial counsellor – someone like me. They’ll help you talk to your bank’s hardship team and explore your options.

So here’s your reframe Maura: 

Selling your home before the bank forces your hand puts you in control. 

Maura, if you do this you will not be ‘losing’ your home. You will be selling it on your terms to secure your financial future. And it might just be the smartest financial decision you ever make.