3 Tips To Manage Your Debt

3 Tips To Manage Your Debt – Contributed by Mortgage Choice Joondalup

With interest rates continuing at all-time lows, now is the time to get on top of your finances and manage debt.

For those who aren’t in a position to pre-pay their mortgage and are worrying about their regular mortgage repayments, here are 3 Tips To Manage Your Debt:

1.   Build a manageable budget

Many first home buyers live at home until they buy their first property, so may not be used to making regular payments to manage debt. The best way to manage debt is by building a manageable budget.

A ‘good’ budget will factor in all of your regular spending habits.  It will show you how much you spend each month and how much you can save.

2.   Review your mortgage annually

All borrowers including first home buyers, should review their mortgage on an annual basis.  By doing this, they make sure they are still in the right product for their needs.

It is important for borrowers to review their home loan on a regular basis to manage debt. With record low interest rates, the mortgage market has never been more competitive. Lenders want business and are willing to reduce interest rates and offer discounted rates to win customers.

You may find there is a better product available that could help you to save hundreds, if not thousands, over the life of your loan.

A simple phone call to the home loan experts at Mortgage Choice in Joondalup can help! We can do a home loan health check, evaluate and compare your loan with hundreds considering rates, fees and features to make sure you have the loan that’s right for you.

And, as Mortgage Choice brokers, we get paid the same rate regardless of which home loan you choose. To get expert home loan advice at no cost to you, call 9300 9322 or joondalup@mortgagechoice.com.au.

3.   Review your spending habits

For those who are concerned about managing debt, review spending habits and see where costs can be cut.  By evaluating spending habits, you may be able to identify where you spend money frivolously.

This will allow you to see where you spend the most amount of money, and how you could cut back in order to better manage debt.

Taking the time to implement changes – even small ones – will pay off in the long run. If you need help to manage debt, contact the team of home loan experts at Mortgage Choice in Joondalup today on 9300 9322 or joondalup@mortgagechoice.com.au

Thank you for reading 3 Tips To Manage Your Debt, you can also view Mortgage Choice Joondalup by visiting the WBA Member Directory