Indeed, this is the ideal moment to take control of your finances before football finals, the Melbourne Cup, and Christmas distract you from your financial goals.

1. Get the best home loan rate

Although the Reserve Bank appears to have paused any additional interest rate hikes, it’s crucial to note that the official cash rate has surged from 0.1% in April 2022 to its present level of 4.1%.

But that’s only part of the story as some lenders have implemented out-of-cycle increases, often by ten basis points here and ten basis points there. Given these changes, consider a refinancing strategy with the assistance of a financial specialist like Our Broker if your borrowing capacity permits. Even if you feel you have a borrowing capacity shortfall, with the help of Our Broker, you may find a lender who is happy to help you slash your mortgage costs through a refinancing strategy. This measure could serve as a valuable financial spring-cleaning strategy.

2. Manage your cash flow

Suppose you have a fixed-rate home loan with a low-interest rate secured a few years ago. If you’re concerned about transitioning to a significantly higher variable rate, often called the ‘mortgage cliff,’ you’ll be pleased to know that there are now interest-only loan options specifically designed for homeowners like you to help keep loan repayments down. As part of your financial spring clean, a specialist such as Our Broker can help you explore these tailored solutions and potentially set you up with the right mortgage that more closely matches your cash flow and budget.

3. Ensuring you have sufficient protection for your home? 

With plenty of experts tipping that many parts of Australia could be impacted by bushfires this spring and summer, it seems it would be wise to have sufficient home and contents insurance. Most home and contents insurance plans typically cover fires, including bushfires, either as a standard feature or as an optional add-on. This implies that if your home is damaged or destroyed by bushfires, you may be eligible for compensation up to the sum insured to assist with restoration and repairs.

However, the extent of coverage your home receives depends on the specific terms and conditions outlined by your insurance provider. Different insurers may have varying interpretations of what constitutes a ‘fire,’ making it crucial to carefully review the precise terminology used by your insurer with the help of a finance specialist.

4. Debt consolidation 

If you have too many debts charging higher interest rates, such as credit cards, car loans or even “buy now pay later” debts from ZIP and After pay, Our Broker can help you consolidate these liabilities into a cheaper rate, as part of your home loan. 

Consolidating your debts helps you restructure your monthly payments into a more manageable and cost-effective arrangement.

This strategy should result in lower interest rates and a reduced monthly payment, enabling you to regain control of your financial situation and have peace of mind leading into spring and summer.

For more tips on spring cleaning your finances, please get in touch with Our Broker today at 1800 913 677.