Feeling financial anxiety? Here are some tips on mortgage repayments

October 11, 2026 — 4:00am

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It’s fair to say that 2026 hasn’t been the smoothest 12 months on record for mortgage holders. With four interest rate rises already under our belts and the prospect of another on the way before the year is out, many people are rightly wondering not just about the short term, but also what this financial uncertainty means for long-term financial planning.

As KPMG senior economist Terry Rawnsley noted earlier this year, the combination of high property prices and high interest has radically changed how we see property and our relationship to this debt. “Paying off a home loan has traditionally been a source of financial security. But increasingly, it is becoming a source of financial anxiety as repayment pressures rise again.”

It’s no surprise then, that many people are wondering what they should be doing with their mortgages going forward. As with all things relating to personal finance, there is no singular right or wrong answer and no hard and fast rule when it comes to doing what’s right for you and your specific situation. But there are common pros and cons to each of these options that can help ultimately lead you to a decision.

Paying down your mortgage

There are plenty of good reasons that people recommend making additional payments to your mortgage – especially in the early years of a loan when the principal and interest are at their highest. But there are some important caveats to consider before you do this as well.

Overpaying your mortgage means that in the long run you’re paying less interest for less time, even when interest rates are high.

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