Published on January 30th, 2018
Ten steps to a money makeoverWith the festive season and school holidays wrapping up, many Australian households are doing it tough. Wage growth is sluggish, while the cost of living seems to only increase.
There’s no need to despair, though, and there’s certainly no need to scrimp. There are a number of savings that can be made in the average household budget without giving up a single latte. Follow our simple tips to get your finances in order and free up some cash!
1. Ring around for a competitive insurance quoteWhen your insurance is next up for renewal, don’t just automatically keep paying – use the opportunity to ring around and get a new set of quotes. Often, insurance companies will offer a discount if you bundle all your insurances together, so make sure you work out what you need insurance for and get quotes for all of it.
2. Renegotiate your home loan rateEspecially if you’ve been with your bank for a while, it can’t do any harm to see if they’re willing to lower your home loan rate. Banks change their products and offers all the time, and they’d rather keep you as a customer than lose you to another lender. Make an appointment with your bank manager and see if there’s something they can offer you to take a bit of pressure off.
3. Shop around for a better home loanIf your bank can’t come up with the goods, consider looking further afield. Get in touch with a home loan broker and see whether another lender can offer you a more favourable rate. It might mean a bit more paperwork, but even a drop of 0.5% can mean you save $100 per month on the average home loan of $370,000.
A good place to start is to get in touch with Elders Home Loans.