Paying too much interest?
Checking in at the doctors for your annual check-up never usually goes amiss, but what about your finances?
Most people each year don’t seem to have a problem checking in with their local GP when it comes to their health, but what about their wealth?
Checking your financial health is important as well. Most importantly it gives you options.
Each person has their own unique set of circumstances to cater for, situated around what phase of life they are in. When your life changes, your home loan needs may change as well. Whether you are a first-time home buyer getting on the property ladder or locking a down payment for your next business there’s a suitable mortgage for every stage of your life.
Taking a review of your finances may be just what you need to identify key strategies to improve your financial shape. It is important to look for potential problems like high debt, interest eating into your cash flow from week to week, or seeing how much money is put aside for a rainy day.
With so much financial uncertainty at play, interest rates changing so much, you never know when you need that financial backstop to help you out when your personal situation takes a financial tumble.
Why do I need a review? Financial Keys to look out for
Through a restructuring plan, a good financial adviser can get you set up in the right way that suits your personal financial needs. It will mean more money in your pocket and sets you up for a stronger financial position in the long term. You could even use the savings to go towards that next commercial property, new business venture, or an investment property.
You could be eligible for a lower interest rate.
Interest rates vary so much that you could be missing out on ways to leverage the money you could have saved on your loan in other ways. When your loan comes up for renewal it pays to check what sort of interest rates you can get. A good broker can sift through a wad of information and grab you a top-notch rate and even terms you may have otherwise overlooked. Remember it’s not always about just the going rate, it’s about what works for your kind of loan and your unique circumstances. Negotiating on better terms can create significant monetary windfalls over the long term.
Free up cash
Adjusting the way that you service your loan can sometimes save you in the long run. Are you paying your mortgage weekly, fortnightly, monthly? Making simple adjustments can sometimes save a lot of money over the term of your loan. Could refinancing to a longer-term loan or lower rate reduce your monthly payment? Are there other means of income that could potentially change the shape of your loan.
Did you know there are ways you can pay off high-interest debts by consolidating them into one monthly payment using your mortgage. This way you save money. Take an opportunity to look at all your debts together. Maybe there is a better way of doing things financially that work for you.
Mortgage expert check up
Your mortgage may add up to hundreds of thousands of dollars. by weighing up interest rates, your overall picture on your finances, market conditions and where they are headed you can stay ahead of the game. That is where a solid financial adviser can step in. Here at Global Finance our advisers are knowledgeable and have dealt with just about every situation that presents itself over the past 21 years and they can work through your financial goals with you.
For first home buyers hitting the market, it pays to check your credit history, your deposit amount and your options to service the loan alongside your projected timeline to purchase.
Make sure you’ve got the right mortgage for your needs right now and talk to an adviser who can help you get to where you want to go.
There never really is a poor time to look over and review your mortgage and insurances. By meeting annually with a professional financial adviser for a quick review of your options, this quick check-up can sometimes uncover lower rates or identify different loan set-ups more suited to your situation.
For other ways we can help structure your loan you can also check out our award-winning Mortgage Genius Plan. Talk to the team at Global Finance today!
**These are general guidelines and are by no means a reflection of bank or lending policies