New tools for being money smart

The Australian Securities and Investments Commission has new tools on its consumer finance website to help people avoid mortgage stress.

Delia Rickard, ASIC's senior executive leader of financial literacy, says financial issues are often triggered by a change in circumstances such as illness, losing employment or divorce.

“If you don't feel in control of your finances then use the MoneySmart budget planner. If you are in danger of missing a mortgage repayment, speak to your lender about changing your repayments or your loan term.”

Source: Herald Sun