Mind Over Money

Buying your first home is a big deal. The day you settle on the purchase will be one of the most exciting of your life. Then reality sets in… you log into your internet banking the next morning, see the loan sitting in your debit column, and narrowly avoid a conniption.

A big part of our role is to help clients avoid that daunting moment altogether. Having a strategy in place before you settle on a home means you’ll know how you’re going to pay off the loan and the goals you need to reach in order to do so.

Here are some of the ways you can prepare yourself for such a huge financial moment:

• Think of your loan in terms of a three to five year plan. If it’s your first home, you might be upsizing to make room for kids in a few years. Making short-term plans will have the process seeming less daunting and more manageable.
• There are a million different loan products available, which is something we take you through. Choosing one that aligns with how you like to control your money makes a big difference in your attitude towards the process. If it’s an approach you’re on board with, it’s suddenly far less stressful.
• Consider an offset account (or multiple) to effectively reduce the interest being charged on the loan
• Learn how to hide money from yourself by making lump sum repayments into the loan. Those shoes can wait till next month. Close the sale tab you’ve probably got open right now.
• We will continue to review your progress against your three to five year target, and so should you. Stay on top of it and be aware of the position you’re in.

When you have a clear plan and understand the strategy we’ve put in place for you, clarity falls into place and you can approach your mortgage feeling clear and calm. Give us a buzz if you’d like to chat about anything mortgage related.

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