Happy New Financial Year! 5 financial hangover remedies

Another financial year is over and now is the perfect time to reassess your resolutions for the coming fiscal year, particularly if you are nursing a financial hangover.

With banks tightening their lending policies and raising their interest rates, it’s important to be on the front foot by making savvy and informed decisions and having a clear strategy in place. If you are serious about being financially free, here are our tips to getting there quicker.

Review Your Home Loan

An annual review of your home loan is crucial. Banks are constantly changing their rates and lending policies and what may have been the best option a couple of years ago may no longer be competitive in the current market. There are still many incentives being offered by lenders to secure new business so it’s possible you may be missing out on potential savings. Your Blackburne Mortgage Broker will be able to advise where your loan sits in the current market and if there are more viable alternatives available.

Maximise your investment property returns with the right loan

With the many changes we’ve seen in the investment lending landscape its imperative that your investment loans are still relevant to your needs and in line with your financial goals.

Interest only lending has become generally more expensive and we are now seeing more clients looking at paying principle and interest to snag a better rate and grow their equity position.

There are also many competitive investor fixed rates on offer to consider. If you haven’t reviewed your investment lending options recently then your investment may be costing you too much.

Our Blackburne Mortgage Brokers can guide you through what may be best suited to your own specific requirements.

Arm yourself with tools to be financially free

Start to get into good financial habits to keep yourself on track. Here’s a checklist of what you should be doing:

  • Know how to use your offset account efficiently to make your money work for you. If you don’t have one, contact Blackburne Mortgage Broking about how you can get one and how to use it.
  • Set a budget so you can clearly track what you spend and how much you save. Do you know that forgoing a daily cup of coffee and putting that $5 on your home loan could save you thousands in interest over the life of the loan and potentially slash years off your loan term?
  • Tackle your unsecured debt such as credit cards and personal loans to minimise high interest debt. Implement a plan and get serious about paying down “bad debt”.
  • Set realistic and attainable goals. If you don’t have any financial goals then you are not going to reach them.

If you are not sure where to start or what you should be focusing on, your Blackburne Mortgage Broker will be able to provide a wealth of real life tips.

Review your life insurances

It may come as a surprise but Australia ranks as one of the most under insured countries in the developed world.

Based on current average levels of insurance, the typical Australian family will lose half or more of their income following a serious illness, injury or the loss of one parent.

This could be catastrophic for some households.

Adequate personal insurance coverage should be a priority and regularly reviews by a reputable planner a must.

This is particularly relevant in times of major life events such as marriage, birth of a child, separation or the purchase of a home or investment.

As part of our “full picture” service offering, our clients at Blackburne Mortgage Broking qualify for a free annual review with a planner from our Partners at Wealth Protect Financial Services.

This is an extremely valuable service that should not be overlooked.

Supercharge your superannuation

Regardless of where you are in your career, growing your superannuation is important.

Your retirement may last longer than you anticipate and relying on the pension is not an ideal strategy.

By making regular contributions you can build upon your nest egg to ensure a comfortable retirement.

Paying extra into your super can also deliver great tax incentives.

Tailored advice from a reputable Financial Planner will be able to assist you in directing the right amount of money into your super, something that is never too late to do.

Your Blackburne Mortgage Broker will be able to put in in contact with a planner from Wealth Protect Financial Services who will get you on the right track for the retirement you deserve.

It’s new year’s resolution time

Our team at Blackburne Mortgage Broking can help you put any of these options into action! To book an appointment, call us on +61 8 9429 5794 and ask to speak to Paul Prindiville, Mortgage Broking Team Leader, or complete the enquiry form below.




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