As we enter the new year, many of us focus on health-related goals, but considering a financial resolution can set you up for success throughout the year.
2024 presented challenges for many mortgage holders, with anticipated rate cuts remaining elusive alongside persistent inflation. However, implementing these strategies can position you for a stronger financial future in 2025.
- Schedule a Home Loan Health Check
Are you aware of your current home loan interest rate? If not, you’re not alone—around 40% of mortgage holders aren’t sure either. This is a sign it’s time to reassess whether your mortgage still aligns with your needs. According to RateCity, those who haven’t refinanced in the past year have paid nearly $6,000 more in interest. We can help streamline the process for you. Contact us today to start your home loan health check.
- Trim Unnecessary Expenses from Your Budget
When was the last time you reviewed your spending? It’s advisable to regularly audit your expenses. Many of us are guilty of subscribing to multiple streaming services we rarely use, or overindulging in takeout coffees. Small changes can lead to significant savings over time. For example, replacing a $5 daily coffee habit with home-brewed coffee can save you over $1,300 annually.
- Utilize Your Home Equity for Property Goals
Your home loan isn’t just a debt; it’s also a powerful tool. Leverage your home equity to realize personal goals. As of now, median home values across major Australian cities have risen significantly, increasing equity potential. For instance, the additional $130,000 in average equity since 2023 can serve as a 20% deposit on an investment property worth $600,000 to $650,000, or fund renovations on your primary residence. Contact us to discover how you can capitalize on your home’s equity and achieve your dreams in 2025.
For personalised advice or to explore these options further, reach out to us. Let’s make 2025 a financially empowering year for you.
