Com­par­ing may find sav­ings

Whitsunday Times - - REAL ESTATE - – Natasha Ste­wart, founder of Mum CFOs

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.

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