This seasons guide to maximising your Mortgage Benefits by Besta Loans
The festive season in Australia is not just about barbies, beach days, and Boxing Day sales; it’s also a fantastic opportunity for homeowners to get savvy with their mortgages. As we deck the halls and unwrap presents, let’s also unwrap some smart strategies to make your mortgage work for you during this merry time.
Here’s our top 8 Ho-Ho-Holiday finance savvy tips:
1. Festive Fun with Offset Accounts
Got an offset account? It’s like the Christmas stocking of your mortgage – the more you fill it, then the more you save! During the festive season, any extra cash – think bonuses or that unexpected Christmas cash from Aunt Edna – can go into your offset account. This reduces the interest on your mortgage, like a little financial gift to yourself. Not sure how to make the most of your offset account? Then Besta Loans can guide you through effective strategies.
2. Understanding the Holiday Interest Tinsel
Interest on your mortgage doesn’t take a holiday break; in fact it’s calculated daily. So, if you’re splurging on that giant inflatable Santa for the front yard, remember it might affect your mortgage interest. However, with a bit of planning can ensure your festive spending doesn’t lead to a New Year financial hangover.
3. New Year, New Mortgage Plan
As we sing Auld Lang Syne and welcome the new year, it’s a great time to give your mortgage a health check. Are you getting the best interest rate? Could refinancing give you a better deal? A little bit of research now could mean more savings for next year’s festivities.
4. Extra Repayments: The Gift That Keeps on Giving
If you’ve been extra nice this year and have some additional funds, then you could consider making extra repayments on your mortgage. This can reduce your principal balance and then save you on interest cost. Think of it as a future gift to yourself! And remember, it will be there in case of an emergency or even if you need a little extra tinsel or eggnog this year.
5. Holiday Repayment Flexibility
Some lenders play Santa and offer flexible repayment options over the holidays, like payment holidays or reduced payments. While it might seem like a great idea now, remember, this could mean paying more interest in the long run. Always check the fine print! Unsure about your options? We’d be happy to give you some guidance.
6. Budgeting: Making a List, Checking it Twice
The key to a financially happy festive season is a solid budget. Plan your spending and do everything you can to in fact stick to it. This way, you can enjoy the festive cheer without the New Year fear of how to pay the mortgage. If a list is good enough for Santa, it’s good enough for us. However, don’t forget to be checking it twice!
7. Seeking Santa’s Little Helpers (a.k.a. Mortgage Brokers)
Sometimes, the best festive gift you can give yourself is professional advice. Chatting with a mortgage broker can indeed provide insights and strategies tailored to your situation, helping you navigate the festive season with financial ease. Connect with Besta Loans to add some festive personalised mortgage advice to your Christmas stocking this year.
8. Embrace the Festive Spirit in Your Repayments
Why not make your mortgage repayments part of the festive fun? Set up a challenge with yourself or your family – for every festive activity, then put a small amount towards your mortgage. It’s a fun way to save and enjoy the season’s spirit. For more creative saving ideas, keep your eyes peeled for more Besta Loans updates.
Wrapping Up: Smart Holiday Tips
The festive season is a time of joy, and with these tips, it can also be a time of smart financial decisions. By being mindful of your mortgage amidst the merriment, then you can step into the New Year with financial confidence and maybe even a little extra jingle in your pocket. So, here’s to a festive season filled with fun, laughter, and savvy mortgage moves!