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3 quick and easy finance resolutions

Whenever we think of New Year’s resolutions, the first thing that comes to mind is a health kick. (Or is that just us?!)

Here are three (easy) New Year’s resolutions that’ll help improve your financial wellbeing in 2021.

 

1. Book in for a home loan review

Quick question (no judgement): do you know the interest rate on your home loan?

Don’t stress if you don’t, studies show that about half of homeowners don’t actually know the interest they’re paying on their home loan.

But it does beg the question: if you don’t know the rate you’re paying, how do you know whether you’re getting a good deal or not?

This is why making a home loan health check your New Year’s resolution is so important. Interest rates are at record low levels. You want to make the most of what’s available (so you can save money where you can).

recent RBA study found that for loans written four years ago, borrowers are charged an average of 40 basis points higher interest than new loans. How long ago was *your* loan set up!?

If’ it’s been a while since you’ve refinanced – so long that you can’t recall your rate – then it’s a great time to reach out for a home loan review.

Rest assured we’ll make it quick and painless. Simply get the ball rolling by giving us a call today (or get started here).

 

2. Set yourself a financial or lifestyle goal

If you’re not back at work yet (lucky you!), use this precious time to carefully consider what financial goals you want to achieve in 2021.

Perhaps it’s time to upgrade from an apartment to your first house. Or with international travel on hold for a while, maybe now’s a good opportunity to put your travel fund towards your first home purchase – so you can finally move out from Mum and Dad’s.

Whatever your flavour, consider taking stock of what you want to achieve in 2021 so that you can work out a plan to achieve it.

And if you’re unsure about how you’ll finance that goal, we’re here to discuss your funding options. We can help you work out whether you might be able to make them a reality in 2021, or if it’s more realistic to work towards 2022 instead.

 

3. Cut back on your microtransactions

Once you’ve identified a big financial goal to hit in 2021, you’ll want to start saving towards it.

But micro-transactions – purchases that are low in cost and trivial in nature – can often be a real obstacle. Especially for first home buyers.

With a bit of budget tinkering, you’ll be on your way to reaching those goals in no time.

And if buying your first home is a goal 2021, here are a few other things you might to think about, in preparedness for lodging a loan application.

 

Remember, we’re here to help!

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