For most people buying a home is a significant and exciting time, with some even saving for this moment their whole lives. However for others, as wonderful as it is, it can also be very stressful.

Buying a home is not only a massive financial commitment but it can sometimes be a financial strain. This is especially the case if interest rates rise as some borrowers may be affected by mortgage stress. If the cost of living increases and unemployment levels decrease, more people may struggle to meet their home loan repayments and feel the strain of mortgage stress. Some may also be close to losing their homes.

But there is some good news for those borrowers with a home loan or those who may be considering to purchase property in the near future. Below is a list of things you can do to help you avoid the stress of buying a home.

-Give yourself a buffer. When working out your repayments, allow yourself a buffer of at least 2 percent. So if interest rates were to rise, you will not be affected as much compared to if you didnt take this into account.

-Additional repayments. Work out a budget and see if you can afford to make additional repayments on your loan. By doing this, you will reduce the amount of interest you will pay as well as time off the term of your loan. Also, it may help reduce the burden if rates rise. For example, by paying an extra $ 100 each month off your $ 300,000 mortgage, you could save yourself over $ 44,000 at 7.05 percent and cut almost three years off a 25-year loan.

-Refinance. Approximately every 12 months it is beneficial to do a health check on your mortgage. This way you can get a feel for what other lenders are offering and what the market is like. If another lender if offering a much lower interest rate, consider making the switch. However work out the costs involved and see if it is worth your while. Compare home loans online to see how much you can save or check out the table below which lists current variable rate home loans.

-Legal Aid. The Australian Government has approved funding for legal aid services to assist households experiencing mortgage stress. For instance, if you are having trouble meeting your repayments then your financial institution may issue you a default notice. When you receive this, you have 30 days to catch up on your repayments or make alternative arrangements. If however you cant do this, you may have to go to court, at which point you can call legal aid for advice or to represent you in court. For a list of what legal aid is available in your state or on for tips on how to get out of debt and relieve mortgage stress, visit the Australian Securities and Investment Commissions FIDO website.