5 ways to SPRING CLEAN SUSTAINABLY

ECO-FRIENDLY WAYS TO GIVE YOUR WARDROBE A GOOD CLEAR-OUT!

There’s nothing more satisfying than decluttering your closet with a spring clean. However, the constant disposal of unwanted goods can take up landfill space, causing harm to our environment. Luckily there are clever ways to give our wardrobe the spruce up it needs while keeping our planet in mind. Alexis Todorovski from Scrgroup shares five effective ways for an eco-conscious clean.

1 GET CRAFTY

Rather than disposing of clothes that need to be fixed, try to mend them yourself. If you’re not savvy with a sewing kit, take them to a tailor. This is cheaper than buying a brand-new replacement and is a more sustainable option.

2 SWITCH IT UP

Swap your unwanted items with family or friends. This is a fun way to clear out your wardrobe while also refreshing it with some new items. With the festive season also approaching, we recommend looking at hiring or borrowing clothes for any parties or special occasions you may have coming up.

3 CONSIDER SELLING UNWANTED ITEMS

Sell your unwanted items online or at your local marketplace while being mindful of any COVID-19 restrictions. One person’s trash is another person’s treasure. Social media platforms have also made it really easy to sell your items online.

4 GET CREATIVE

Upcycle your old clothes and accessories. You can transform them into brandnew items with a few snips here and stitches there. This can also be a fun project that the kids get involved in.

Drop off your unwanted clothes, shoes, handbags and accessories at one of Scrgroup’s 1600 hubs located around Australia. Scrgroup is committed to diverting 100 per cent of their collections from landfill through rehoming the items within local and international communities that need them the most.

• For more information or to find a hub near you, head to scrg.com.au

If you’re thinking about refinancing but not sure where to start, Brodie Haupt, co-founder and CEO of Australian digital payments platform, WLTH, shares the essentials to know.

DETERMINE WHY

It’s important to recognise the reasons you’re looking to refinance. Understanding what you want to achieve will help you ask the right questions and choose the best outcome.

There are many reasons why people decide to refinance. Some of these may include (but aren’t limited to) a shift in a personal or financial situation, a better deal on their existing home loan agreement, lower interest rates and reduced fees, or more attractive payment terms and features.

UNDERSTAND YOUR FINANCIAL SITUATION

Reflect on your current situation and determine if now is the right time to refinance your home loan. There can be numerous costs associated with refinancing, so it’s best to do some research into what the possible change costs will be – such as discharge fees, valuation fees, economic fees, establishment and break costs. An easy way to identify hidden costs is to refer to the comparison rate of a loan.

It’s important to determine the equity you have in your property, based on its current estimated value. Generally, you need at least 20 per cent to avoid lenders mortgage insurance (LMI) if you decide to refinance.

You should also check your credit rating and debtto-income ratio before you look to refinance. If you apply and are rejected, it could negatively affect your credit score and your bargaining power for better deals.

TALK TO YOUR LENDER

Before you say goodbye to your current lender, try to open the conversation up with them and explain your motives. If your situation has changed and you can’t refinance to a different lender, then always ask for a pricing request.

Have a chat about longterm goals and what you’re looking for in a mortgage. You may also want to arm yourself with a few different market comparisons to see if they’ll match a competitor’s offer. If they don’t, it’s possibly time to refinance elsewhere.

COMPARE OPTIONS

Undertake research into what different lenders are offering and consider which may be the best for your circumstances.

When comparing lenders, it’s essential to understand how all the interest, fees and charges work, along with incentives for switching from one lender to another. You may be looking for perks such as offset accounts, redraw and flexibility on variable loans.

When you find a good deal, ask: “Do I lock this in for a fixed rate and limit my flexibility for the next few years, or do I take a punt on market volatility and opt for a less rigid variable rate?”

While there are many factors to consider before refinancing that can seem daunting, digging for a better deal will pay its way in spades.