During this Pandemic there is a lot of talk about saving money. At Green Apples Finance we have come up with 5 ways to help you do this:
🍏 Refinancing your current Home Loan to another lender with a lower interest rate saving you on repayments. After the Reserve Bank of Australia lowering interest rates to 0.25% in March, lenders have lowered their variable and fixed rate home loans. With interest rates so low it is an ideal time to review your Home Loan to ensure the interest rate you are being charged is both competitive when compared to other lenders and suits your circumstances.
🍏 Putting multiple debts into one loan, so there is only one lower payment to worry about. If you have multiple debts like credit cards and personal loans you have nothing to lose by trying to consolidate your debts into one easy payment and improve your cash flow at the same time.
🍏 Extending your current loan term to lower repayments. Your income may have changed over recent months and refinancing your current loan over a 30 year term may boost your cash flow and reduce your stress level simultaneously.
🍏 Switching to a fixed rate with your current lender. Currently, fixed interest rates are as low as 2.09% with some lenders. Once you have a home loan with a lender they often don’t tell you about new products or interest rates which are more suitable than your existing Home Loan so it is definitely worthwhile getting in touch.
🍏 Deferring your home loan repayments for up to 6 months, if you find yourself in financial hardship. This is something you should consider if you have been temporarily stood down or lost your job. Please note some lenders have made special arrangements as a result of Covid-19 and distinguish between hardship cases as a result of Covid-19 and those that are not. Deferring your loan repayments should only be done once you have exhausted all other avenues open to you. Your options may be one or more of those mentioned above plus talking to a ‘credit solution specialist’. A ‘credit solution specialist’ will assist you or discuss your loan with the particular lender on your behalf.
If you receive a default notice, do not ignore it. Talk to a ‘credit solution specialist’, your lender or get free legal advice immediately.
Please reach out if you think we can help you with any of these options or want a review of your current situation. Conditions apply.
If you are experiencing difficulties repaying your debts the government website below is a great source of information as well.
https://moneysmart.gov.au/home-loans/problems-paying-your-mortgage
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
