Protect your nest egg this Easter

For many Australians, the Easter long weekend provides the opportunity to have some much needed down time.

Why not make some time while you over indulge on those chocolate eggs to give some thought about your very important nest egg. The long weekend also opens up the perfect opportunity for you to spend some time thinking about whether your home loan is working as best as it can for you and your needs.

It’s the perfect time to use the current rate environment to your advantage. This could spell a big difference in interest and time spent repaying the loan.

Easy techniques you can implement:

  1. Refinance your mortgage

With current low interest rates and Australia's lenders competing for business through sharp home loan pricing, you may find there is another product on the market that is not only better suited to your needs, but one that boasts a much lower interest rate, saving you thousands of dollars in interest over the life of the loan.

  1. Make higher repayments

Whether you’ve been given a promotion, come into a sum of money or have a savvy financial plan in place and can see a few extra dollars here and there, it is a good idea for you to add what you can to your mortgage repayments. Don’t underestimate how much of a difference this could make!

  1. Make the most of an offset account

If you’re making the most of your offset account and use it as effectively as possible, you are able to significantly reduce the amount of interest you pay on your home loan. So, if you have recently received a pay rise or are expecting to receive a good amount of tax back at the end of the financial year, make sure you feed as much of it as possible into your offset account as this will help you to reduce the amount of interest payable on your home loan.

Over this Easter long weekend, it might be worth speaking to your local mortgage broker to see whether there are strategies you can implement to help you pay off your mortgage faster. If you would like learn more, reach out to your local Mortgage Choice broker.

Posted in: Home loans