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When would be the best time to refinance?

30/5/2020

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​If you're a homeowner with a mortgage, for sure you came across the term 'refinancing'.
 
Refinancing allows you to merge your debts and pay your mortgage quickly. It includes reviewing your current mortgage and swapping your loan to another lender that can better meet your needs and wants depending on your circumstance.
 
You should consider refinancing if you want to access your equity in the property without having to sell it, like making home renovations or buying an investment property. You may also consider refinancing if another provider has a more competitive offer than your current provider.
 
Refinancing allows you to also potentially access equity - the amount you'd get from selling your home after settling the loan, such as a mortgage on the property and other costs associated with the property.
 
There are tons of factors you need to consider when thinking of refinancing your loan. We can help you to assess your needs and goals and your financial situation towards finding a suitable, and customized solution.
 
How will you know if refinancing is the right option for you?

It's best to speak with us about your specific needs so we can assist to determine whether you can afford a modified loan structure or change your mortgage, especially if you have more than one property.
 
Are you looking to pay less interest?

Some are skilled researchers and want to take advantage of lower interest rates other lenders to reduce repayments. This can potentially save you a lot of money in the long term and is worth reviewing on a regular basis.
 
Saving money is one of the biggest benefits of refinancing. However, it can be complex and careful consideration is required to make sure that the benefits are not just short term, but long term gains also.
 
We always review all loan options and figure out whether it's the right decision for you to refinance. If it's going to save you higher than $1,000 a year, then refinancing might be the best strategy. Sometimes clients can save as much as $5000 or $6000 per year!
 
Is it ideal to change your loan type?
​

It is essential to factor in some charges in refinancing, including to pay Lender's Mortgage Insurance (LMI) to your new lender and incur exit fees on your existing home loan.
 
If you're thinking of refinancing, working with us gives you more negotiation power given we have over 30 lenders on panel to use in our negotiations rather than negotiating directly with one bank. We have access to loan options from a range of different lenders that you can consider, the options seem endless!
 
Have your circumstances changed?
 
If you encounter major life changes recently, such as a change in marital status or loss of income, you might be looking to refinance.
 
In this instance, we can help you look for other options to consolidate your personal loans and credit cards into one loan. With this, you can lower your monthly repayments and save you interest in the long-term.
 
Get Smart Financial can help you manage your finances. Book a time to discuss options on how we can help you save more!
Let's chat!

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How to cut your expenses, increase savings, or pay off your loan faster!

30/5/2020

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Mortgage Broker | Get Smart Financial
​You can make a huge difference by spending less, but this is not always as easy as it sounds.  An effective way to save is to reduce expenses, but you have a plan and have goals that drive you and keep you accountable (check in with them regularly to track your progress and celebrate your milestones!)
 
Here are top tips to cut your expenses and boost your savings!

Understand your spending
 
With all the cashless payments and credit cards, it’s extremely easy to lose track of how you’re spending money. Next thing you know, you spent it all on less important things.
 
A lot of online banking systems include tools to classify debit and make a budget, so make use of them! If not, you can download an app that helps you track your expenses.
 
Be practical with your essentials
 
Fundamental costs can't be avoided, however, they can be reduced. Here are a few examples:
  • Plan for your groceries. You can make a grocery list, buy in bulk, set a budget for eating out or take-out to control your spending. Most importantly, make sure you stick to the budget!
  • Move into a cheaper rental, share a house, or move in with your parents or relatives as a short term solution to support your longer term goals
  • Find a way to reduce your monthly bills. Ask for discounts or check out other providers, maybe making the switch will give you more value.
  • Use the car lesser than usual: take the public transport, carpool with colleagues, try walking or riding. You'll be surprised how much you can save.
Check out the budget planner on the moneysmart website, which is a great calculator, that won’t cost you a cent!

Make sure you pay off debts or credit cards on time to avoid paying interest.
 
Overspending

Set a weekly or monthly limit on less important things, you still need to have a little fun! It will be unrealistic to cut expenses if you spend too much on buying clothes, going out, or expensive hobbies. Reduce the limit over time once you get to manage to stay within the limit.
 
According to a survey, more than 1,000 Australians showed that 73% have a problem with overspending, mostly during Christmas and on holidays.
 
To reduce expenses on Christmas, make a list and buy planned items within your allocated budget - make sure to not go overboard, and plan during the year for these expensive periods…. We suggest putting away an amount every week or fortnight to a gifts account, which may only be $20-$40, but at the end of the year, you will have $1000 in your gift account, so you don’t blow your big picture goals and budget!
 
On holidays, pre-plan your trip then set a daily budget. Try your best to stick to it.

Reduce costs
​

Go over your expenses on a monthly basis and look for areas to eliminate costs. Track your spending and update your plan if you keep paying for excess or downgrade if you don't use it as much and cancel unused services.
 
You should ask yourself: Are you getting value from your subscriptions? Are you using that gym membership? Is this necessary? Remember, if you could save more, you could buy that home, or pay off that home faster!

If you need further information or assistance, let's have a chat and click on the button below!
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