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Do you have a grip on your finances?

By Christy Scholefield

Do you know how much you owe, what your super balance is or what interest rates are around right now? If you don’t, you’re not alone.

Lots of Australians think they have their finances sorted but, in practice, drift along like plankton. A survey by Deloitte Access Economics found 41% of Australian mortgagees don’t check interest rate changes because they’re not interested, or don’t know what the RBA cash rate is. And 68% haven’t done the maths on how they’d cope if there was a series of rate hikes—this is called stress testing. A jump in payments could soon have you in tears which is why you need a broker on your side.

Deloitte says, “there are many ‘forces’ … that create uncertainty when it comes to taking action.” And there are lots of things to get your head around. New rules, grants and taxes… plus things like, if Labor wins how will negative gearing and capital gains tax change?

Don’t sweat it. I know this stuff because it’s my job. And here’s my first question to mortgage holders — do you have the right loan deal for you? If you’re not 100% certain, get in touch and I’ll quickly tell you. I’ll also hunt for your most competitive deal and check in with you each year, in case something has changed and you can do better.

This information is provided on the terms and understanding that: Loan Market Group Pty Ltd, Loan Market Pty Ltd provide this information for discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances.

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