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Money Saving Tips for Families

by EricaL (follow)
Are you looking for ways to save your family money, but you're not sure how to go about it? Steve Close from Choice Home Loans in Carnegie shares his money saving tips with Melbourne Mums Group readers.

Not all money saving techniques work

With rising costs and a lower joint income, many families encounter a financial struggle after having children. You've probably tried saving money on your grocery bill, cutting down on eating out, going out in general, and find yourself rarely buying new things, with little or no benefit.

It is possible that you are too focused on the small savings but not the most expensive outgoing each month - your mortgage. Mortgage repayments usually represent most people’s single largest monthly expense, so it makes good sense for borrowers to have a check-up or review of their mortgage by a finance professional.

Steve explains that you need to service your home loan regularly in the same way you service your car, otherwise you could be missing out on thousands of dollars of savings. With interest rates at their lowest for 41 years, there are many great opportunities for customers to get a good deal.

Do you know your home loan’s interest rate? You may be surprised to learn that more than eight in ten home owners don’t, and may be paying more than they need to. For example you have a $500,000, 30-year variable-rate home loan at 4.55%. A reduction of 0.5% could save you $1752 in one year.

The general rule of thumb is, if you are paying over 4% pa (variable rate) for your home loan, it is absolutely worth checking with a finance professional to see what other options are available to you.

By spending just a short amount of time doing a financial check-up on your home loan you could end up saving you thousands of dollars down the road.

Finance health-check

Despite the value added professional advice you receive in a health check, it is typically a free, no obligation service perfomed by finance brokers. Steve for example, is able to check through over 30 different lenders to find the best product for customers and provide advice on your lending structure. Through a 30-45 minutes discussion with Steve, he can then provide you with a detailed loan health-check analysis/comparison.

Choice Home Loans review takes into account interest rates, fees, loan structures, terms and conditions of the loan, as well as additional features such as internet banking. This will show the immediate savings (if any) you could have if you were to refinance to another loan product.

Easy process (and it doesn’t cost a thing)

If you are concerned with the paperwork involved – don’t! When you find a good broker like Steve, you hardly need to do a thing. When you choose to refinance your loan with Choice Home Loans, the whole process is managed for you. Documents are hand delivered to you to sign, and you are kept informed throughout the process.

Get the financial freedom you dream of

Ultimately, the aim for us as parents is to have the freedom to not to worry about finances giving us more quality time to spend with our family.

The small amount of time you have with a professional could save you thousands of dollars and shave years off your loan. Conversely, it can help you build equity in your current loan faster, allowing you to purchase additional investment properties in the not-too-distant future.

Trust your financial broker and the end result you get will be a big relief to you as a family.

"If you are feeling the pinch financially, I cannot stress enough that you should check with a finance broker to see if they can save you money on your current mortgage with a loan health-check – you have nothing to lose, and you could potentially thousands each year!" says Steve

Contact Steve from Choice Home Loans in Carnegie for a no obligation chat about your home loan health-check on 0459 982 866 or email steven.close@choicehomeloans.com.au.

Tell him that you were made aware of him through us and you may be entitled to a $50 gift voucher simply by having a finance health check (*conditions apply).
Join the conversation on the Melbourne Mums Facebook Group

Enjoy affordable family photography from MyFamilyPhoto.com.au

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