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 2022.
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 still relatively low. You want to make the most of what’s available (so you can save money where you can).
An RBA study last year found that if you’d had your loan for at least four years, it’s highly likely you’re being charged almost half a percent more than you need to be paying. 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 2022.
Perhaps it’s time to upgrade from an apartment to a larger space. Or with international travel mostly still on hold for a while, maybe now’s a good opportunity to put your travel funds towards your first home purchase – so you can finally move out from Mum and Dad’s.
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 2022, or if it’s more realistic to work towards next year instead.
3. Cut back on your microtransactions
Once you’ve identified a big financial goal to hit this year, 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 2022, here are a few other things you might to think about, in preparedness for lodging a loan application.
Remember, we’re here to help!
