September 16, 2013
As the nights get warmer and the days grow longer, many Australians have a tendency to spend more money. Rather than give the credit card a work out, there are some simple tips mortgage holders can implement to get more from their budget.
“The trick is to start with a simple budget. By doing so you can keep track of where your money is currently going and can make decisions about where you could potentially cut back,” Mortgage Choice spokesperson Jessica Darnbrough said.
But cutting back doesn't necessarily mean you have to miss out on the things you enjoy. Mortgage Choice offers three top tips for getting more bang for your buck this spring:
- Start with a simple budget – It is never too late to start keeping track of your money. By preparing a budget you can keep better track of where your money is currently going and can make decisions about where you could potentially cut back or redirect spending.
- Think outside the square – Consider a dress swap with some close friends this spring racing season instead of splurging on a new frock. Equally, why not get the kids into the kitchen for some cooking fun – cheaper than buying treats and more entertaining!
- Don't forget your mortgage – With interest rates sitting at historic lows, there may be a better home loan deal on the market that meets your current needs.
“Too often, people have a set-and-forget mentality with their home loan and, as a result, they may be missing out on potential savings or deals. If you haven't reviewed your loan in a while you may be pleasantly surprised to find another home loan that better suits your current circumstances,” said Ms Darnbrough.
“Consider any unique home loan features that may be available to you. A redraw facility for example can significantly help you stay in the black. This feature allows you to make additional repayments on your home loan which reduces the interest you repay over the term of the loan.
“Conversely, you can access the additional repayments you have made on the loan via the redraw facility – providing you with a cash injection if and when you need it.
“Your local mortgage broker can give you a free home loan health check to help you understand what home loan features are available, and find a solution that best suits your needs.”
For further information or to arrange an interview, please contact:
Mortgage Choice Corporate Affairs
(02) 8907 0502 / 0448 240 047
(02) 9018 8603 / 0412 550 004
This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances.