Why the New Financial Year Matters
EOFY isn’t just about tax returns - it’s a natural checkpoint to assess your financial health and set new goals.
Here are a few things to consider:
-
Is your home loan still competitive?
Interest rates and lending policies shift regularly. Comparing your current rate with market offerings could save you thousands over the life of your loan.
-
Have your financial goals changed?
Life events like career changes, growing families, or new investment interests may call for a fresh strategy.
-
Are you making the most of your equity?
If your property has increased in value, you may be able to access equity for renovations, investments, or debt consolidation.
Example: A homeowner who refinanced from a 6.2% rate to 5.6% saved over $3,000 annually in repayments - without changing lenders.
Thinking About Refinancing?
Refinancing isn’t just about chasing a lower rate. It can help you:
-
Reduce monthly repayments
-
Pay off your loan faster
-
Consolidate debts into one manageable repayment
-
Unlock equity for other financial goals
💡 Tip: Use a loan comparison calculator to see how different rates and terms could impact your repayments.
Planning to Buy or Invest?
If you're looking to enter the property market or grow your portfolio, consider:
-
Your borrowing power: This can vary significantly between lenders and depends on your income, expenses, and credit history.
-
Government incentives: First Home Guarantee, stamp duty concessions, and other schemes can make a big difference.
-
Loan structure: Interest-only vs. principal & interest, fixed vs. variable - each has pros and cons depending on your goals.
Set Your Goals for the Year Ahead
Start with clear, achievable goals. Whether it’s:
-
Owning your first home
-
Renovating your current property
-
Building a long-term investment strategy
-
Simply improving your financial literacy
Now is a great time to map out your next steps.
Let’s Make This Year Count
Taking control of your finances doesn’t have to be overwhelming. With the right tools, insights, and support, you can make confident decisions that move you closer to your goals.