How are your New Year’s resolutions coming along? If you’re like most people, they’re likely related to health, fitness or abstinence. But why not consider a financial one too? Here are three resolutions worth considering for 2025.
There’s no denying that 2024 was a tough year for many mortgage holders – in no small part due to the hope of rate cuts dangling just out of reach, coupled with inflation.
But by kicking off the year with one or two of the ideas below, you could be in a better position to tackle 2025 head-on, come what may.
1. Call us for a home loan health check
Do you know the interest rate on your home loan?
Don’t stress if you don’t, about 40% mortgage holders can’t recall it.
Not knowing the rate is usually a good sign that it’s time to check if your mortgage is still well-suited to your needs.
An analysis by RateCity shows the average borrower who has not refinanced their home loan in the past 12 months has paid almost $6,000 more interest during that period as a result.
Rest assured we’ll help make the process painless. Simply get the ball rolling by giving us a call today.
2. Cut unnecessary expenses from your budget
When was the last time you had a thorough look at your spending account?
It’s good to get into the habit of conducting regular expense audits.
After all, many of us have been guilty of subscribing to one too many streaming services that we rarely use – let alone takeaway coffees, takeaway meals and other impulse purchases.
Little tweaks here and there can add up.
For example, a daily $5 takeaway coffee habit costs you $1825 per year. Switching to a DIY French press brew can cost just $350-$450 per year.
3. Leverage your equity to achieve other property goals
A home loan doesn’t just have to be a debt.
It can also be a valuable tool that lets you work through a personal bucket list by putting home equity to work.
And you could be starting 2025 with more equity than you realise.
Back in January 2023, the median home value across Australia’s state capitals was $770,374, according to CoreLogic.
Fast forward to now, and the median value has increased to $897,580.
That means that over the past two years the average city homeowner in Australia has gained almost $130,000 more equity in their property, which they could possibly leverage for other investments.
In fact, that $130,000 rise in equity is the equivalent of a 20% deposit for a $600,000-$650000 investment property.
Alternatively, you could use that equity for home renovations to improve your primary place of residence.
Call us today to get a clearer picture of your home’s potential equity – and how you could use it to tick off your wish list in the year ahead.
Phone: 1300 855 022
Email: clientservices@zippyfinancial.com.au
Zippy Financial is an award-winning mortgage brokerage specialising in home loans, property investment, commercial lending, and vehicle & asset finance. Whether you are looking to buy your first home, refinance or build your property investment portfolio, the team at Zippy Financial can help find and secure the right loan for you and your business.
About the Author:
Louisa Sanghera is an award-winning mortgage broker and Director at Zippy Financial. Louisa founded Zippy Financial with the goal of helping clients grow their wealth through smart property and business financing. Louisa utilises her expert financial knowledge, vision for exceptional customer service and passion for property to help her clients achieve their lifestyle and financial goals. Louisa is an experienced speaker, financial commentator, mortgage broker industry representative and small business advocate.
Connect with Louisa on Linkedin.
Louisa Sanghera is a Credit Representative (437236) of Mortgage Specialists Pty Ltd (Australian Credit Licence No. 387025).
Disclaimer: The 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.