A New Year Resolution That Will Put Money in Your Pocket...

January 16, 2015
Yew Kong Lye

What are Your New Year Resolutions?


Happy New Year and may2015 be the best year for you ever. Usually at this time of the year people is either implementing what they have resolved to accomplish before the previous year finished or their resolutions are sitting in their drawer gathering dust. Where do you stand?


Start a Resolution Now…


If you have not made any resolutions or don’t believe in making one, I will attempt to help you make one that is easy to execute and will put money in your pocket.  I promise that the sooner you can get it out the way, the sooner you’ll enjoy the benefits and it will not have to be repeated for some time to come. It’s unlike resolving to lose weight where you either have to pound the pavements or lie on sweaty benches in the gym for the whole year.


What is that resolution?


Simple. Just resolve to put money in your pocket by doing the easy stuff and just commit that you will take action. Confucius once said “Goals without action are just dreams” (No, you goose, I just made that up)


Money in Your Pocket Action Plan 1


Lately home loan rates have been behaving like a yoyo   When the Reserve Bank of Australia puts rates down, the banks don't always pass it on...it's been reported that the banks are no longer squeezed on their margins on home loans and are currently doing deals and reducing their home loan rates.  But what does that all mean?  Do you really know if your home loan rate is even competitive?


If you have organised your home loan 9 months or more ago, chances are that your home loan rate is not competitive and would be close to 5%. Just a 0.25% savings on an average $500,000 home loan would put $1,250 p.a back into your pocket. There’s a good chance that the savings can be more than 0.25%. So, the action plan is to call for a home loan health check to see how big your savings are.




Money in Your Pocket Action Plan 2


Not only will you be able to put money in your pocket by reviewing your home loan, you can have substantial savings in all the products and services that you use in your life. A very good example is the current deal offered by Foxtel. They are promoting very heavily their $25 package and if your similar package cost more, all you need to do is Foxtel and ask for the savings. It will be given to you, no questions ask.


Foxtel is just an example. Areas that you can be put money in your pocket are:

  • Track down your lost super from previous employments
  • Your insurances
  • Power bill
  • Phone plan, etc.

These are just examples and just use your imagination and I’m sure you can find other areas in your life where you can make some savings. There are even professional out there who can help you find these savings, so much so that A Current Affair has run a segment on it.



What Will You Do With All This Money In Your Pocket?


Certainly spoil yourself with a treat but I would be using some of that to pay my mortgage off sooner. Remember that if you take the full 30 years to pay your mortgage off, you will pay the bank twice the amount that you’ve borrowed over the 30 year loan term.


If you resolve to put money in your pocket in the New Year call 0413 871 888 for a home loan health check… Be sure to share our blog on Facebook and let others join the conversation.




Posted in: Refinancing

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