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How to get debt-free faster !!

A mortgage is the biggest debt most people will ever have. The faster you can pay it off, the more you’ll save in interest and the more money you’ll free up for other things in life.

Here are three ways to pay your debt down faster:

Round up your mortgage: Every spare dollar you have that not’s being used or invested elsewhere should theoretically be put towards paying down your mortgage. Consider rounding up your payments to help fast track the process. Instead of paying $1910 per month, make it $2000.

Set your repayments to fortnightly: There are 12 months in a year, but there are actually 26 fortnights — not 24. By paying fortnightly, you’re effectively making an extra 2 repayments each year and paying your mortgage off faster.

Offset account: By putting spare funds in your offset account, you are reducing your interest while still having access to the funds in case you need them. To supercharge your savings, pay your bills with a credit card and park your money in your offset account until the end of each month.

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9/10 Australians believe mortgage brokers have their best interests at heart

The vast majority of Australians believe that mortgage brokers have their best interests at heart when borrowing or refinancing, based on new research.

According to Mortgage Choice, 89 per cent of people who had used a mortgage broker said they were confident their advisers had addressed their best interests.

Market research agency, Honeycomb Strategy, surveyed 1000 Australian homeowners with a mortgage during April this year and found working with a broker was incredibly beneficial.

The research also found that 88 per cent of people who worked with a mortgage broker were provided relevant options for their loan, with almost three-quarters (72 per cent) of this group of borrowers having either secured their home loan or refinanced in the last two years.

The borrowers found the leading benefits of working with a broker were their extensive industry knowledge, access to the best deals and interest rates, and that they would do most of the work.

Mortgage Choice Chief Executive, Anthony Waldron, said the research confirms that mortgage brokers clearly do have the best interests of their clients at heart.

“The DNA of mortgage brokers has always included looking after borrowers’ best interests,” Mr Waldron said.

“Eighteen months on from formalising Best Interests Duty and Australians are demonstrating their trust in mortgage brokers.

“The industry now writes more than two in every three home loans, and our network of almost 1,000 brokers find themselves constantly adapting to meet this demand.”

The research also noted there was reluctance among borrowers to refinance, with two-thirds of the respondents hoping to avoid it, and 61 per cent believing that refinancing could leave them worse off.

Mr Waldron said seeking a better deal with a lender can be difficult.

“Customers aren’t prepared to seek a better deal due to the significant hassle that they have to go through to try and figure out how to get a better deal on their home loan,” he said.

“The broker market share has accelerated because of solving this client need and the fact that the broker can take care of the hard work of dealing with the banks.”

IF YOU OR SOMEONE YOU KNOW ARE LOOKING FOR SUCH A BROKER, FEEL FREE TO CONTACT ON 0450661828

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Property to Outperform Stocks and Bonds

Real estate around the world is expected to outperform both bonds and shares over the next five years, according to a new report from Oxford Economics.

Between 2022–2026, Oxford Economics have predicted total returns for real estate and real estate investment trusts (REITs) to average 6.5 to 7 per cent per annum.

This is significantly higher than bonds and equities, which are expected to return just 0.7 per cent and 2.5 per cent per annum, respectively.

Oxford Economics expects interest rates to remain at low levels in the coming years, which will help underpin real estate prices and drive economic growth.

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