To do in September
Spring is finally here! After another long Canberra winter the days are starting to feel warmer and we're all keen to get out and about and enjoy the sun (COVID-permitting of course!). Here are some things you can do in September to make sure your property continues to perform at its best.
This page is currently a work in progress, with more content being added all the time - be sure to check back later for more information.
Review your mortgage
If it’s been 12 months or more since you reviewed your mortgage, you could be paying more than you should.
If you have changed job, had a baby or received a pay rise within the last 12 months, you may no longer be in the right home loan for your needs and goals. As a general rule, it is a good idea to give your home loan a health check once every year to make sure it is still the right product for you.
By shopping around for the best possible deal and a loan structure that best suits your needs and goals, you could save thousands of dollars in interest charges and potentially shorten the lifespan of your loan.
Whether you are looking for a variable rate home loan, a fixed rate or even a split rate mortgage, there will be a product on the market that suits your needs.
The best next step is to contact your bank or even better, your broker. A broker has access to every product on the market. And the best rate and product for you may be with a bank other than the one you’re with. Let your broker know the changes that have occurred in the last 12 months and any new plans that you have for the future. Ask them to review and suggest what products would work best for you. If nothing has changed, no problem, you can still ask them to check that your home loan rate is as competitive as it can be.
Top tip: Once you get a more competitive loan product in place, put the savings into a property maintenance fund. A good amount to have in the fund is about 10% if the annual rent payments. This should have you covered when inevitable maintenance issues come up.