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New Year’s resolutions for your home loan

4 minute read

Thought of a New Year’s resolution yet? Or perhaps you’ve broken one already? Either way, check out our list of possible mortgage goals for 2024 – try one, or have a go at them all – to save a bundle in the year ahead.

It’s that time of year when Aussies love to set resolutions.

According to Commonwealth Bank research, as we dive into 2024, three out of four Australians will make at least one financial resolution, often involving plans to follow a budget or spend less.

But when it comes to New Year goals, it’s worth shining a spotlight on your mortgage.

After all, it’s likely to be your largest debt, and setting (and achieving) a few goals for the year ahead can help you pocket savings and become mortgage-free sooner.

Here are our top 5 home loan resolutions for 2024.

1. Give your home loan a health check

Don’t just assume you still have the home loan that’s right for you. Chances are, life has dished up a few changes over the past few years.

Or maybe there are big things on the horizon for 2024 – like starting a family, upgrading to your next home, or tackling a major renovation.

Checking that your mortgage is still well-suited to your needs can be a starting point to achieve these goals.

Talk to us about a home loan health check to be confident you’re heading into 2024 with a loan that still ticks all the boxes for your situation.

2. Do your research

Interest rates soared in 2023. Yet less than one in 10 home owners refinanced their home loan to get a better deal last year, according to Canstar research.

We can compare your mortgage to many others in the market to see how it shapes up in terms of rate, features and flexibility.

That’ll help you decide whether to stay, or save by switching to a new loan and/or lender.

Our ‘Country to Coast’ Variable Rate Offset Home Loan is designed with owner occupiers in mind – offering a sharp variable rate, 100% offset facility, standard establishment fee waived and no penalty for extra repayments.

We also have a variety of other home loans to suit your needs, whether you’re buying, investing, building or refinancing.

3. Check you’re not paying for features you don’t use

Home loan features can be very handy, but the more features a loan has, the higher the rate (or fees) may be.

That’s not a problem if you regularly use features such as, say, an offset account to save money.

However, if you’re not using particular loan features, you could save with a more basic loan that potentially comes with a lower rate.

Not sure which features your loan offers? Call us today for a quick rundown and we’ll help you check it all out.

4, Plan now for the end of a fixed rate

The fixed-rate cliff is not over yet.

The RBA says 450,000 home owners will roll off a super-low fixed rate in 2024.

If that includes you, it could pay to act now.

We can help you plan ahead and decide the right course of action – be it reverting, refixing or refinancing – so that your finances won’t be too squeezed when the end of your fixed rate rolls around.

5. Leverage your home loan 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 out 2024 with a lot 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 January 2024, and the median value has increased to $832,193.

That might mean extra money (aka equity) up your sleeve to build wealth through an investment property, for example.

Contact one of our local lending experts today to get a clearer picture of your mortgage – visit a branch, contact us or call 1300 314 900.

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.

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