July 02, 2013 by Shae Aiello
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Now that the new financial year is with us, many of us will look to preparing for lodgement of our tax returns in the hope that there will be some tax refunds heading our way.
It is also a very good time to review your finances, so here are a few tips from the home loan experts at Mortgage Choice in West Perth that you may wish to consider.
- Rework your budget or, if you haven’t got one, get one underway. Your budget needs to be regularly reviewed and updated to reflect your financial requirements
- Set priorities - work out what you want to achieve for the rest of the year. Look to paying off any credit card debt or any debt with high interest first.
- Set Financial Goals - this could include paying off your mortgage, or increasing contributions into your superannuation. Every extra contribution you make, no matter how small it may be, will be deriving a long term benefit for you.
- Get a Home Loan Health Check - just as your circumstances change, so do home loans. When was the last time you reviewed your home loan? Is it still meeting your needs? Is the rate still competitive? Should you consider fixing all or part of your loan? Seek advice from the local home loan specialists at Mortgage Choice in West Perth.
- Make a Will - many of us often overlook making or updating a will. If you haven’t done it over the past six months, put it at the top of your priority list, especially if you have dependents.
- Review your insurances - you’ve worked and saved hard over the years to afford your home and your accustomed lifestyle. So what would happen if you were suddenly taken seriously ill or had an accident and couldn’t achieve the income level that is necessary to pay your commitments? Many of us take out insurance to cover our house and motor vehicles, but very few take out insurance for ourselves. If you already have existing cover, when was the last time you reviewed it? Insurances change over time as do your needs. If you don’t have any cover, now is as good a time as ever to get something in place and some insurance covers are tax deductible! Don't run the risk of having to sell your assets simply because you didn’t have any insurance in place to cover unforeseen events.
Essentially, tax time is a great time to consider your finances and make sure you're making progress towards your goals.
To get expert home loan advice from the brokers at Mortgage Choice in West Perth, email admin.westperth@mortgagechoice.com.au, call the team on 9300 9322 or use the buttons below to book a phone call, arrange a face-to-face appointment in our West Perth or Joondalup offices, or schedule a video meeting at a time that is convenient for you.
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