Comparing may find savings
It will cost you nothing to make a few enquiries
MANAGING the household finances can be a juggling act from one day to the next.
With the cost of living on the rise and wages not keeping up with inflation, it is becoming increasingly harder to keep your head above water.
So, what can you do to make the household finances stretch that little bit further without foregoing the necessities?
We all have the necessary expenses that will never go away – mortgage, insurances, loans – but there are ways that you can reduce your risk and outgoings by simply doing a little bit of research.
Most people practise the “set and forget method”’.
They set up their home loan and insurances and continue on with life without realising that years have passed without them checking to see if that great rate they got in 2010 is still a great deal in 2016.
You may have been hearing how interest rates have been consistently dropping over the past couple of years due to a slowing economy.
Well, did you know that you can use this to your advantage?
There has never been a better time to do some checking on the interest rates you can get on your home loan.
Just because you have been with the one financial institution for years, doesn’t mean you are locked in with them.
Even if you have a fixed term rate, you may still be better off financially breaking that loan for a new deal.
You may find the costs of breaking the loan will come in less than the savings you will make on the interest rate itself.
It will cost you nothing to make a few enquiries, and you never know, you could save yourself thousands.