With interest rates on the rise, anyone with a loan would be concerned about how to deal with ballooning monthly payments. Thankfully, there are ways to take control of the situation before it’s too late.

This year, the RBA cash rate has gone from 0.10 per cent to 2.85 per cent. Mortgage holders have seen their interest double from about 2.5 per cent to around 5 per cent per annum. Monthly repayments are becoming significantly larger.