The new financial year is well on its way and now is the perfect time to re-evaluate your current financial situation.
Did you have a fantastic fiscal year or do you have the feeling you could have done a little bit more to archive the financial goals you set yourself? Now is the time to make the changes needed to ensure the end of the financial year 2018 will be your best yet!
To find out whether or not your financial needs have changed in the past 12 months ask yourself simple questions, such as:
- Did you meet the goals you set for yourself in the past financial year?
- Have there be changes in your income due to a promotion/pay rise or did you have to take extended leave or take a pay cut?
- Do you have a payment plan in place for your home loans, personal loans or credit card debts?
- Have you taken on any new debt?
After evaluating your current financial situation, ask yourself: Do I want to get my money to work harder for me by adjusting my current financial needs?
If the answer is ‘yes’, listen up! There are three easy steps you can take to improve your financial situation:
Step 1. Research, Research, Research:
Use the internet as your source of knowledge and you will find a great variety of services, products and how-to tips. Looking online can help you find out if there are ways to improve your financial means. For example you can reduce your monthly home loan repayments and save a significant amount of money by finding lenders offering a lower rate. While the internet is a great way to get started, make sure that you approach any content with a healthy level of scepticism and understand that the information provided online is not tailored to your personal financial needs.
Step 2. Speak to a financial expert:
Have you ever thought about seeking advice from a qualified financial professional? Experts can offer professional and knowledgeable advice that is tailored to your specific needs and situation. When dealing with your financial future you want to make the right decisions. It is essential to speak to a professional such as a mortgage broker when dealing with your home loan, they will be able to tailor options to your short and long term goals.
Step 3. Get your broker to do a home loan health check for you:
In an ideal scenario you should be checking the health of your home loan about once a year. Don’t be afraid to take advantage of historically low interest rates and make sure you have the right lender product for your current financial situation. Take in consideration that even a reduction of 0.5% of your interest rate can potentially save you hundreds of dollars each year. You could be investing those dollars in your financial future or even pay off your home loan faster than you expected. Make your savings work for you.
If you would like to make this financial year your best one yet please call the award winning mortgage specialists at Mortgage Choice in Indooroopilly on (07) 3878 7777. We can help you assess your current financial situation at no cost to you.