Top Tips for Financial Success in 2019 and Beyond
It’s nearly March and if you haven’t focussed on your finances in 2019 then what better time than the present? Here are some top tips for success this year and beyond:
Find out how much equity you have
Most home owners are pleasantly surprised by what can be achieved by tapping into their equity-that is, how much of their property they own vs their outstanding home loan balance. You could be sitting on untapped wealth that could be used to invest in another property, start an investment portfolio (with proper financial advice of course!) or pay for that kitchen renovation or house extension you have been dreaming of. Start with asking us for your free desktop valuation and go from there!
Review your existing interest rate
Having a ‘she’ll be right’ attitude for your interest rate is risky and may be costing you a serious amount of money! Why not have us review your existing loan for free-that way, you will have peace of mind that if you have a great rate, we will tell you so, however if you can save your hard earned cash and not pay the bank more interest than you need to, we can let you know and make it happen.
We recently helped one of our clients to review their existing home loan and save $5,500pa, which works out to be more than $150,000 over the 28 year life of the loan!
Know your borrowing capacity and credit rating
If you know in advance how much you are allowed to borrow, you are in the best financial position to seize any available opportunities. There are many free calculators available online to give you a very rough guide of your borrowing capacity, however contact a lending specialist to get an accurate, personalised indication of how much you can borrow.Your credit score is also an important determinant of your borrowing power, so it’s a good idea to keep an eye on it and take action to give yourself the best possible rating.
Plan for retirement
Have a good look at how your superannuation, saving accounts & investments are performing-will they provide adequate funds for retirement? The earlier you start planning, the better off you will be when the time comes. Seek professional advice if all your statements are piled high on your kitchen bench because you find it ‘all too hard’ and will deal with it ‘tomorrow’.
Need help to action any of the above? Contact us today
*This information is general in nature and does not take into consideration your individual circumstances. Please contact us for further information.
