With ongoing budget pressure on the public service and redundancies making headlines, it’s understandable that job security is front of mind for a lot of Canberra households.
But it’s worth saying clearly: this isn’t only a public service story. We know plenty of private employers are going through their own restructuring right now too.
The most useful thing you can do — even if your job feels completely safe
The best time to review your mortgage is before you need to, not after.
Here’s where to start:
1. Check you’re not paying for features you don’t use anymore (and that you do have features you would actually use)
A classic one: do you have an offset account attached to your loan that you’re not actually using? Maybe you prefer to keep your everyday banking separate from your loan, or you never seem to have much cash sitting in your offset anyway.
If that sounds like you, a basic loan product (one that typically comes without the bells and whistles) could mean a lower interest rate and more breathing room.
Alternatively, maybe you have cash sitting in a ‘high interest savings’ account because your current loan doesn’t have the ability to link an offset account.
Either way, you’re potentially missing out and paying more than you need to.
2. Make sure you’re paying the least amount of interest you need to
This is a good time to check your current rate against what else is out there. Loyalty rarely pays in the mortgage world and lenders count on people not getting around to checking.
If there is some uncertainty around your employment, you want to ensure your biggest monthly household cost (ie. your mortgage repayments) are already the lowest possible.
3. Do a genuine, full household finances review
Subscriptions you’ve forgotten about, memberships you’re not using, spending that’s crept up without you noticing… now’s the time to find it!
The goal isn’t to live like a hermit. It’s to make sure that if your income did take a hit, you know you’re already running things lean and efficient, rather than scrambling to cut back things under pressure.
Why this matters more than it might seem
None of this is about assuming the worst is going to happen to you. It’s about making sure that if it did (things like an unexpected redundancy, a change in industry, a slower few months in commissions or bonuses for example), you’re not dealing with a mortgage that’s carrying unnecessary costs on top of everything else.
A lean, well-priced loan is one less thing for you to worry about.
The bottom line
If job security has been on your mind lately, don’t let that turn into avoidance. A straightforward review of your current loan is one of the most practical, low-drama things you can do right now.
It’s quick, relatively painless and has the potential to save you a whole lot of stress later on.
