Lessons on saving cash pay dividends
I WASN’T an obvious pick to edit a magazine about home buying. I am atrocious at keeping on top of paperwork; I’m a set-and-forget person. I’ve not looked at my mortgage or interest rate since we bought our home six years ago.
So when we started to pull together the Home Buyer’s Handbook, three things happened: I googled a lot; I asked the MoneySaverHQ team endless questions; and I realised how much I had buried my head in the sand.
I was literally giving away money I could have been putting on my mortgage or saving for my kids’ education.
So I followed the advice we published. I started by switching my electricity provider (saving a whopping $300 a quarter). Calling companies and asking for a bill comparison was addictive and I couldn’t believe the variations.
Next, I looked at my home loan. I wanted to switch from interest-only to principal and interest. The Home Buyer’s Handbook provides steps for what to say, and advice from writer Sophie Elsworth, who challenges her bank regularly. I followed her tips, sought the best deals I could find online, and then rang my bank and told them I was swapping if they didn’t get me the best rate.
I rejected their first offer and continued to say no, as they kept putting me higher up the chain, until I got a rate I was happy with. Sophie was right: demanding a better deal just takes a bit of bravado.
We have made sure all the information presented in this
magazine is easy to understand because the home-buying process is complex; sorting your cash is not fun; and the whole thing can be dull.
Editing this magazine got me excited about sorting my finances. We promise, it will do the same for you.
The Home Buyer’s Handbook is now on sale at major supermarkets or newsagents, for $9.99