Hi Abbey,

I feel you! This time of year always throws in a few surprises, and another rate rise was not one we were hoping for.

But, your home loan might hold the key to some meaningful savings. If it’s been a while since you checked in, now could be a good time.

Let’s start with your rate. Do you know what it is, or how it stacks up?

Knowing this is a good starting point to figure out where you stand and if there’s a better deal out there for you (see how it stacks up here).

If a better rate is up for grabs, considering a reprice with your current lender or thinking about refinancing could potentially lead to lower repayments. Worth exploring (we can help with that)!

Now, let’s chat features.

Do you know what features your home loan offers? And are you working them for all they’re worth?

If you have some savings tucked away and your loan has perks like an offset account or redraw facility, shifting your stash there could lower your principal loan balance. That can sometimes help you lower your repayments.

Or, maintain your repayments and you’ll be reducing the interest you pay in total – win!

And if you're not making the most of your home loan’s perks, you might want to ditch those extra fees and switch to a simpler option.

Ok, moving onto loans and debts.

Merging these into your home loan is another way to potentially lower your monthly expenses.

Home loans usually have better interest rates compared to the likes of car loans or credit cards. So, bundling them together could lower the total amount of interest you pay.

If this is an option you’d like to explore, chat to an expert to make sure everything is set up correctly (e.g. typically, these loans shouldn’t be spread out over your entire loan term).

If these options don’t stack up for you, switching to an interest-only loan or stretching your loan term are alternatives that may cost you more in the long run but might buy you some breathing space now.

Lenders also offer hardship options to help during tough times. So, it’s always worth chatting to your lender or broker if things are feeling really hard.

Everyone’s situation is different, so chatting to an expert is a great way to understand your options. Here to help!

All the best,

Cherish

Cherish French
Finspo Home Loan Expert