1. Review Your Repayments
2. Use a Financial Consultant
Consider using a financial consultant, like 8 Collective. We will negotiate on your behalf to find you the best deal to suit your situation, we will look at your all of your requirements before comparing the lenders on our panel on rate, features and fees.
3. Opt For an Offset Account
Offset accounts are a transactional account linked to your home loan. The balance in the offset account is used to “offset” the principal amount of your home loan thus lowering the amount of interest charged each month. If you’re able to keep a substantial amount in your Offset, you could save thousands off your home loan.
You have a 100% Offset account attached to your home loan. Your home loan balance is $400,000 with $50,000 in your offset account. You will only be charged interest on $350,000 because 100% of the offset balance is used to offset your principal.
Make sure you check with your mortgage broker or lender whether there are any additional fees applicable for having an offset account attached to your home loan.
4. Package Your Home Loan with Other Services
Whilst you may not save interest off your home loan directly, your overall budget could benefit by packaging various services together with your home loan provider.
Discounted rates, insurance or credit cards could be on offer by opting for a Home Loan package.
At 8 Collective, not only can you opt for a Home Loan Package with one of our major lenders, we also offer a collective approach to your finances with experts in all areas from accounting advice to wealth creation and planning.
5. Keep on Top of Home Loan Reviews
By keeping your finger on the pulse when it comes to your home loan, you may find that you could qualify for a better rate with a different lender.
Speak to one of 8 Collective’s financial consultants today and we’d be happy to help you review your current financial needs.