If you’re a local mortgage holder now would be a good time to look at your current situation and keep an eye out for the positive signs in your personal finances.
Where things might not look as rosy I would suggest you make changes now to improve your financial situation so that you start the new financial year with a more optimistic outlook – July 1 is less than one month away, after all.
If I were you, I’d be taking advantage of this point in time to refresh your financial plans.
Getting a regular health check on your home loan and other areas of your finances may be the key to ensuring you are better prepared for whatever may come your way.
I have compiled a few tips to keep in mind when actively making changes to improve your financial situation:
1. Review your plans, activities and financial commitments from the past year and create a diary of what will be repeated or changed in the year ahead. This will help you plan for what can be expected;
2. Re-do your budget according to any recent changes to your financial circumstances, lifestyle and any plans, events or occasions expected over the next 12 months;
3. Make sure you are continually educating yourself about the economic influences on the cash rate decision so you have an idea of when to expect possible home loan interest rate cuts or rises;
4. If you have a home loan, make certain you have the most suitable loan for your needs over the coming year – get a free ‘home loan health check’ through a reputable mortgage broker; and
5. If you are saving for a deposit to buy property, ensure you have set a time limit and a realistic savings plan to stick to while having your goals firmly in mind.
I encourage locals to take time out in the coming weeks to look for ways in which their financial situation could be improved ahead of the new financial year.