There is a rapid rise in interest rates in Australia, and the RBA has increased interest rates by 0.5 percent again.
The increase in interest rates will have a direct impact on the mortgage payment.
Paying off multiple debts can be a stressful and difficult task to manage, but if done properly, it can save you money in the long run. If you’re struggling to keep up with your current debt repayments, Here are a few tips to help you lower your mortgage payment, stay on budget and have better savings.
Mortgage consolidation is the process of merging multiple loans into a single loan. This can be a good option for people who want to save money or have lower monthly payments
Mortgage consolidation allows you to manage your finances by combining two mortgages into one loan with a single interest rate and repayment term. This can simplify your finances and make repayments more manageable. Mortgage consolidation can also save you money by allowing you to take advantage of:
– A lower interest rate
– One consolidated monthly payment
– Repayment Length on Your Terms
Benefits of Debt Consolidation
Making only one repayment each month is a lot easier than trying to keep up with multiple payments to different creditors. When you consolidate your debts, you only have to make one payment to one provider. This can help you stay on top of your finances and avoid missing any payments.
Consolidating your mortgages can save you a lot of money each year. When you consolidate, all of your mortgage rates are combined into one fixed rate. This new loan is tailored to better suit you, and as a result, you can save tons of money!
So if you’re looking to save some money each year, consolidating your mortgages is a great option worth considering!
It has never been so easy to consolidate mortgages! Get in touch with Nfinity Financials, The Best Mortgage Broker in Sydney to find out how we can help you.
The refinancing of a mortgage occurs when the homeowner gets a new loan to replace their current one. The new loan should help the homeowner save money or accomplish another financial goal. Refinance could save you thousands of dollars on your home loan. So, if you’re thinking about saving those extra dollars, check out the benefits below.
Home loans offer low-interest rates and flexibility that other financing options cannot compete with, making them the best option for those looking to save money on their renovation.
Offset accounts are transaction accounts that give you access to your money. They are similar to everyday transaction accounts, but with some added benefits.
Offset accounts can help you save on interest, reduce your tax payable, and more.
Redraw facilities allow you to access additional repayments that you have made on your home loan. Both can help reduce the amount of interest you pay on your home loan.
What is Offset Account:
An offset account is a type of transaction account that is connected to a home loan. The way it works is that it is like a high-interest savings account, but the balance of an offset account is subtracted from the remaining principal before interest calculation.
This can save you money on interest without having to physically pay the funds into the loan, giving you the freedom to keep your funds in the account and save on interest while still keeping the loan itself separate from any personal transactions.
Offset Account Benefits:
What is Redraw Account :
With a mortgage redraw facility or a redraw account, you can make additional payments to your home loan—and withdraw those funds at a later date if you wish. Typically, these payments are made in addition to the required minimum repayments or in the form of one-off lump sum payments.
Redraw Account Benefits:
According to a recent survey released by Consumer Group Choice found that more than 1,000 households, nine out of ten Australians say their budget has come under increased pressure in the past year due to the continuing cost of living crisis.
The research found that 90% of households surveyed said their bills have gone up in the past year.
Therefore, to save money, it is helpful to keep track of your expenses on dining out, subscriptions, and impulsive purchases as well as on utility bills like phone, electricity, Internet & gas.
If you’re feeling the pinch of rising interest rates, contact our experts at Nfinity Financials. We are proud to have a 3rd ranked broker in Australia as per the ratemyagent ranking for 2022.
Our Loan Advisors are always happy to help you with any advice you may need about your loan. Give us a call now on 1300 GET LOAN or 1300-438-562 for professional and friendly service.