As the end of the financial year approaches, it’s a great time to pause and take stock of your financial situation. For most Australians, the two biggest financial assets are the family home and superannuation.
Making minor improvements, such as saving a bit on your home loan interest or increasing your super’s performance, can make a big difference to your long-term wealth. That’s why it’s worth reviewing both regularly.
So, is your home loan still the best deal it could be?
Now might be a great time to chat with your bank and see if there’s any room to negotiate a better rate. Sometimes a friendly haggle can go a long way!
Or, if that’s not your style, consider asking a mortgage broker to do a full review, as they might uncover savings you didn’t realise were possible.
It’s also worth thinking about what features you’re using.
For example, do you need to pay extra for a redraw facility if you’re only making the minimum repayments or don’t plan to redraw your loan? Sometimes it’s better to skip the bells and whistles if it means paying less interest in the long run.
Plus, if you’ve got investment loans, it may be worth exploring whether refinancing at a lower rate – possibly even as a home loan if you’ve got enough equity – could help ease the pressure.
A few simple tweaks now could set you up for a stronger financial year ahead.
We’re here to help.
Why not book in time with one of our Financial Brokers to review your business and personal loans at year end?
Want to know more about our lending solutions? Take a look at more information HERE
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