Mortgage Choice provides top savings tips to reduce debt

April 28, 2014
Wayne Smith

If you're worried or “concerned about your financial situation - then don't be.


We have Tips to help you:

“For example, say you currently owe $5,000 on your credit card which has an interest rate of 14%. If you didn’t charge anything else to the card and made the minimum repayments each month, it will take you 21 years and 11 months to pay off your credit card. Worse still, you will have spent almost $11,000 paying off $5,000 of debt**.”


  • Debt consolidation:Consolidating your debts can help you not only reduce the amount of interest you are paying but make your entire financial situation more manageable – saving you time and money in the process. 
  • Debt refinancing:With interest rates low, now is the perfect time to have a look at your current car/personal loan and see if there is a product on the market that is sharper priced and better suited to your ongoing needs.
  • Use comparison sites:Comparison sites like can help you find a health insurance policy that is best suited to your needs and save you money in the process.
  • Go for debit not debt:  Debit cards have lower interest rates than credit cards, provide a similar level of protection when buying online and will stop you from spending money you don’t have.
  • Home loan health check: With interest rates hovering around record lows and Australia’s lenders actively competing for business, there may be another mortgage product on the market that is better priced and suited to your ongoing needs.

A mortgage broker can give you a home loan a health check to see if there is a better product out there for you – saving you time and money.


If you don’t have a home loan, try giving your financial situation a health check to see if there is money you can save elsewhere.


To find out more - contact us at Suite 2, 10-12 High St Wodonga or call 02 6056 4433.

Posted in: Refinancing

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