{"id":5367,"date":"2024-01-04T09:22:57","date_gmt":"2024-01-03T23:22:57","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5367"},"modified":"2024-01-04T09:22:57","modified_gmt":"2024-01-03T23:22:57","slug":"5-new-years-resolutions-for-your-home-loan","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/5-new-years-resolutions-for-your-home-loan\/","title":{"rendered":"5 New Year\u2019s resolutions for your home loan"},"content":{"rendered":"

\"\"Thought of a New Year\u2019s resolution yet? Or perhaps you\u2019ve broken one already? Either way, check out our list of possible mortgage goals for 2024 \u2013 try one, or have a go at them all \u2013 to save a bundle in the year ahead.<\/strong><\/p>\n

It\u2019s that time of year when Aussies love to set resolutions.<\/p>\n

According to Commonwealth Bank\u00a0research<\/a>, as we dive into 2024, three out of four Australians will make at least one financial resolution, often involving plans to follow a budget or spend less.<\/p>\n

But when it comes to New Year goals, it\u2019s worth shining a spotlight on your mortgage.<\/p>\n

After all, it\u2019s likely to be your largest debt, and setting (and achieving) a few goals for the year ahead can help you pocket savings and become mortgage-free sooner.<\/p>\n

Here are our top 5 home loan resolutions for 2024.<\/p>\n

1. Give your home loan a health check<\/h3>\n

Don\u2019t just assume you still have the home loan that\u2019s right for you.<\/p>\n

Chances are, life has dished up a few changes over the past few years.<\/p>\n

Or maybe there are big things on the horizon for 2024 \u2013 like starting a family, upgrading to your next home, or tackling a major renovation.<\/p>\n

Checking that your mortgage is still well-suited to your needs can be a starting point to achieve these goals.<\/p>\n

Talk to us about a free home loan health check to be confident you\u2019re heading into 2024 with a loan that still ticks all the boxes for your situation.<\/p>\n

2. Ditch lender loyalty<\/h3>\n

Interest rates soared in 2023. Yet less than one in 10 home owners refinanced their home loan to get a better deal last year, according to Canstar\u00a0research<\/a>.<\/p>\n

At the start of 2024 we\u2019re still seeing big variations in rates between banks, with many lenders still offering lower rates to new customers, according to\u00a0Reserve Bank of Australia (RBA) statistics<\/a>.<\/p>\n

So, staying loyal to a lender can cost you.<\/p>\n

We can compare your mortgage to many others in the market to see how it shapes up in terms of rate, features and flexibility.<\/p>\n

That\u2019ll help you decide whether to stay, or save by switching to a new loan and\/or lender.<\/p>\n

3. Check you\u2019re not paying for features you don\u2019t use<\/h3>\n

Home loan features can be very handy, but the more features a loan has, the higher the rate (or fees) may be.<\/p>\n

That\u2019s not a problem if you regularly use features such as, say, an offset account to save money.<\/p>\n

However, if you\u2019re not using particular loan features, you could save with a more basic loan that potentially comes with a lower rate.<\/p>\n

Not sure which features your loan offers? Call us today for a quick rundown and we\u2019ll help you check it all out.<\/p>\n

4, Plan now for the end of a fixed rate<\/h3>\n

The fixed-rate cliff is not over yet.<\/p>\n

The\u00a0RBA says<\/a>\u00a0450,000 home owners will roll off a super-low fixed rate in 2024.<\/p>\n

If that includes you, it could pay to act now.<\/p>\n

We can help you plan ahead and decide the right course of action \u2013 be it reverting, refixing or refinancing \u2013 so that your finances won\u2019t be too squeezed when the end of your fixed rate rolls around.<\/p>\n

5. Leverage your home loan to achieve other property goals<\/h3>\n

A home loan doesn\u2019t just have to be a debt.<\/p>\n

It can also be a valuable tool that lets you work through a personal bucket list by putting home equity to work.<\/p>\n

And you could be starting out 2024 with a lot more equity than you realise.<\/p>\n

Back in January 2023, the median home value across Australia\u2019s state capitals was $770,374, according to\u00a0CoreLogic<\/a>.<\/p>\n

Fast forward to January 2024, and the median value has\u00a0increased to $832,193<\/a>.<\/p>\n

That might mean extra money (aka equity) up your sleeve to build wealth through an investment property, for example.<\/p>\n

Call us today to get a clearer picture of your home\u2019s potential equity \u2013 and how you could use it to tick off your wish list in the year ahead.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thought of a New Year\u2019s resolution yet? Or perhaps you\u2019ve broken one already? Either way, check out our list of possible mortgage goals for 2024 \u2013 try one, or have a go at them all \u2013 to save a bundle in the year ahead. It\u2019s that time of year when Aussies love to set resolutions. […]<\/p>\n","protected":false},"author":23,"featured_media":5368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5367","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\n5 New Year\u2019s resolutions for your home loan · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/5-new-years-resolutions-for-your-home-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 New Year\u2019s resolutions for your home loan · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Thought of a New Year\u2019s resolution yet? Or perhaps you\u2019ve broken one already? Either way, check out our list of possible mortgage goals for 2024 \u2013 try one, or have a go at them all \u2013 to save a bundle in the year ahead. It\u2019s that time of year when Aussies love to set resolutions. 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