There’s value in looking at a number of areas where you spend money. Are you spending money without any gain?
Home loan brokers Melbourne wide will be able to suggest areas to look at, but here are some areas worth an annual audit:
- Interest rates - How much you spend in interest every month? It’s bound to be a sizable amount. Could you be getting a better deal with another bank or lender? Rates go up and down constantly and your bank might not be as generous as others when it comes to Reserve Bank cash rate cuts. Remember to look at cheap home loans Australia wide, not just at lenders in your own state. Melbourne home loans may be cheaper than rates from a Queensland bank during a products promotional period, for example.Remember to weigh up other fees the lender is charging to make sure you’re comparing apples with apples. A mortgage broker’s help can be invaluable when helping you with your mortgage choice.
- Credit cards - How much are those frequent flyer points really worth if you’re paying 22 per cent p.a. interest every month? But really, you should be aiming to pay your card down to zero every month to avoid paying any interest at all.
- Insurance policies - How many policies do you have? Building insurance for your home, contents insurance, car insurance, health insurance, life insurance? The premiums add up. If you can save $20 a month on five policies, that’s $1,200 a year you could be channelling off into your investment property, Melbourne based or otherwise. Spending a couple of hours a year on this can save you thousands, particularly in areas that are experiencing growth.
- Utility bills - Shop around a bit and you’re bound to find a better deal that suits the way you use gas, electricity and your phone/internet. Find out which companies broker the best deals.
Speak to your experienced Mortgage Choice Melbourne broker today for more tips.