Top 5 Tips 1. INCREASE REPAYMENTS Aim to own your property as soon as possible and pay as little interest as you can. Put salary increases, bonuses, Medicare rebates or any spare cash straight on your loan to reduce interest and lessen the time to pay it back. 2.DON’T BE AFRAID TO REFINANCE Be prepared to go to a lender with a lower interest rate than your current one. It could be the bank next door. It’s important to reassess your situation every two to three years and get a handle on what’s happening in the market. 3. AVOID INTEREST ONLY If a change in your fi nancial situation has resulted in you paying interest only on your loan, change back to principal plus interest as soon as circumstances permit. Paying that little bit more makes a big diff erence. FINANCE 4. DO YOUR HOMEWORK Bank fees can chew into your repayments very quickly, so assess your loan regularly and fi nd a lender who isn’t charging you the earth in unnecessary charges. This can alter the course of your loan. 5. SEEK ADVICE Banks often forget that they should be earning the right to keep you as a customer. Sit down with a credit adviser and assess your needs and work out a plan that suits your current situation. It might even be that you stay with your existing bank – but it’s worth having the conversation if it means saving you thousands of dollars in repayments. For more information visit Cooper Financial Connections www.cooperfinconnect.com.au pindaramagazine.com.au Pindara Magazine 111
Pindara Private Hospital Magazine - Issue One
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