Need Cash for Some Holiday Spending? Here’s Why Refinancing Might Be the Answer

According to ASIC (Australian Securities and Investments Commission), Aussies plan to spend $955 on average over the holiday season. The majority resort to their savings when it comes to paying for Christmas presents while others opt for credit cards, Christmas bonus, and loans.

We have discussed here before the reasons why you should refinance. Consumers are often advised to consider refinancing in order to obtain a better interest rate and payment term. Instead of throwing out the original mortgage and creating a new one, the current loan is initially paid off to give way to the second loan. However, in this context, you can opt to cash out the equity of your home loan. To know if you have enough equity, it’s advisable to consult with your local finance broker.

What is cash out?

To give you an idea, this is a term used by Australian lenders to describe when a borrower releases the equity from their home, commonly known as home equity loan. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution.

Okay, this might sound overwhelming for some but as your Finance broker, I could help you with the whole process. Here at Soul Finance Group, we could advise how much you can borrow and let you know the risks and the benefits as well.

Call me today on 0408 081 082 for a no-strings mortgage evaluation and see how much you could save by refinancing your home now– and get your loved ones’ Christmas present list checked off early this year to avoid hassle and stress.

Reference: https://www.moneysmart.gov.au/managing-your-money/budgeting/spending/australias-christmas-spending

Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post Need Cash for Some Holiday Spending? Here’s Why Refinancing Might Be the Answer appeared first on Soul Finance Group.

5-minute guide to efficiently managing your finance this Christmas

The Christmas season proves to be an expensive time for many of us. It seems to encourage us to embark on the usual Christmas practice of “shopping ‘til we drop.” The festive feeling makes us extra generous and gets us to spend way more than we usually do. However, we have to brace ourselves for the subsequent financial shock when the bills make their way in our mail.

So to help you soften the blow on your next bill by efficiently managing your finance, have a look at this quick 5-minute guide:

Set a budget.

Draw up a budget for your Holiday spending. This way, you will be able to create a limit of how much you are willing to spend. More than just setting a budget, it is important that you stick to it. Don’t deviate from your original set amount. The last thing you want is paying more than what you can actually afford.

Consider consolidating.

Okay, so you are feeling extra generous this Christmas. There’s nothing wrong with that. During this season, there are lenders and non-lenders who offer competitive deals which you can take advantage of. If you have a balance on your credit cards, you can opt to consolidate all your unsecured debts into one loan. This can potentially save you money on interest. Of course, there might be necessary fees and charges so make sure to ask your local broker about it. But this is something you can definitely consider.

 Make a list.

You have set your budget and you have your actual budget. Now it’s time to “marry” that into your list. Take note of all the things you need to purchase and the food you need to prepare. Write down the names of the people you’re going to give gifts to. Think of what to buy them and add that to your list of things to buy. To save time, it’s also smart to plan and strategise which stores you need to go to first.

 Research, research.

When it comes to looking for great things to buy, you can do so much with research and the good ol’ Mr. Google. Using the list that you made, search for some cheap but quality stores in your area where you can buy the items you wrote down. Make your money worth it by web searching for discount or coupon codes that you can use at the checkout. Sometimes, things are cheaper online than in store but be cautious when shopping online. You can use your research as a gauge when you actually go to the store and purchase these items.

Track your spending.

To avoid deviating from your budget, monitor your spending. There’s an app called TrackMySpend (http://apple.co/1s4DaYs) where it helps you set realistic spending limit and stick to it. It enables you track spending by categories and lets you separate ‘needs’ and ‘wants’ to help identify opportunities to save. The last thing you want is to go over budget so make sure to stay within your set budget by tracking your spending.

Happy shopping!

Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post 5-Minute Guide to Efficiently Managing Your Finance This Christmas appeared first on Soul Finance Group.