In times of uncertainty we should all be taking stock. Review loans, consolidate debt, buy or sell, opportunities are everywhere – even during uncertain times such as what we are all going through now with COVID-19.
Here are some of the things you may benefit from having a full review of your financial circumstances.
Reduced interest rate.
Australians are currently experiencing record low interest rates. Yet we are still seeing many of our clients with prehistoric mortgage products paying ridiculous amounts of interest.
A 1% reduction on a $400,000 home loan could save you as much as $4,000 a year in interest repayments.
Please contact us and we’ll have a licensed Mortgage Consultant from our Finance partners act on your behalf.
Refinancing with a different lender.
On top of the money you could save with a reduced interest rate, many lenders are also offering financial incentives to encourage people to ‘jump ship’. In some instances, as much as $4,000. When combined with the interest in savings, that’s a whopping $8,000 back in your pocket in the first 12 months.
Many of our clients who are electing to grow their investment portfolio are finding that the savings in refinancing alone cover the costs of owning an additional investment property.
Review your Super and Investments.
Most of us with Superannuation in Retail or Industry funds would have seen the impact that negative movements in Share prices can have on our Super balances. In some cases we have seen Super balance reductions of up to 30%.
While we wait for the markets to recover, which they invariably will over time, it may be prudent to discuss your Super strategy with a licensed and qualified Financial advisor.
Please contact us and we’ll have a licensed Advisor from our Financial planning partners contact you.
Pay your insurances monthly.
If you’re still waiting for your annual insurance bill to hit your mail box, perhaps now is a good time to look at making monthly, rather than yearly payments. Whilst it’s true many insurers offer incentives for you to pay your annual premium in one go, this helps their cashflow not necessarily yours. You may also want to consider packaging your insurance needs with the one insurer. This can save you hundreds in premiums and streamline your insurance payments.
Pay all your bills monthly.
Just like with your insurances, you can make monthly (or for that matter, weekly or fortnightly) payments towards all your other bills as well. By contributing a few dollars on a regular basis to things like phones, electricity, gas, water and rates, you can avoid the constant yo-yo effect of major bills hitting your cashflow.
Book a complimentary review.
For a comprehensive review of your current investments and finances please book here
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