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How To Save On Your Mortgage in 2018!

The New Year is the traditional time to make resolutions, promises to yourself to change things for the better.

These often involve exercise, healthy eating, spending more time with your loved ones and more.

One which is often overlooked is taking charge of your finances.

Do you feel like no matter how much you earn, there's very little left over?

Does it seem like an endless rut of bills and expenses with you desperately grabbing at what is left?

It's time to change your perspective and take control of your finances.

The key is to analyse your finances and work out ways to move forward, with specific goals in mind.

Do you want more money? Of course you do! We can all use a bit more.

Have you worked out how to get it? How many ways can you give yourself more money?

There a number of options available, for example;

  1. You can work longer and earn more money

  2. Ask for a pay rise

  3. You can get a better paying job

  4. You can get a second job

These examples are not the most appealing solutions for many reasons.The most commonly overlooked and easiest method for finding extra money is reviewing your expenses and looking for better deals on your most regular purchases. Making more money available through budgeting

efficiency is essentially passive earning (making money without having to work for it) .

Some examples are;

  1. The most economical and efficient mobile and internet plan. ( I personally saved over $1200.00 a year doing this myself).

  2. Using your electricity more efficiently

  3. Using your car less

  4. Sticking to your weekly shopping list with an attention to specials

  5. Dine in more, (less nights out)

  6. And......(drum roll please) getting your home loan reviewed!

The simple fact is that most people who are not taking the opportunity to check for savings in their mortgage are literally paying thousands of dollars per year more than they should.

For any home or investment property owner that has had held a mortgage for over 3 years, it's financially important to have their mortgage reviewed.

New products are being developed all of the time - often with better rates, better deals.

For example; on a $350 000 mortgage at 4.5%, your minimum monthly repayments are $1575 per month.

If it was refinanced at 4% your monthly repayments would be $1400 per month.

Remember, this is you not having to work any harder or longer. ,"The smallest interest rate decrease can make a big change in how much you pay on mortgage" Make the decision to get yourself the most suitable deal possible.

You have given yourself a pay rise of $175 a month! This is an annual savings of $2100!

Over the life of a 30 year loan, $63 000 could be put back into your family finances.

Alternately, if you decided to keep paying the difference on the new loan at the same amount as the old one, you pay the loan off quicker which is also a great thing. ( the amounts and interest rates quoted are as an example only).

It may be worth considering consolidating a number of those personal debts into the home loan( if you have equity) and reducing the repayment amounts. This requires a commitment to closing some of theses debts/personal loans down. As your broker, I can make a suitable lending strategy that will produce a good result.

As your mortgage broker I am legally obliged to secure you a deal that provides a financial benefit on a mortgage refinance. You literally have nothing to lose to get an idea of how much you could save.

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