Average Australian Mortgage Size in 2023
29 Nov 2023
With the Easter long weekend fast approaching, here are some ways to spend your long weekend without breaking the bank.
A long weekend is the perfect time to get into your overalls and stuck into a home renovation project. Some simple home renovations you can do in the space of a long weekend includes painting, redecorating or rearranging the furniture, refinishing the kitchen cabinets and changing the hardware, or adding some greenery to your backyard or balcony.
Rather than going out to a restaurant which could set you back a few hundred bucks, why not host your friends and family at home? If the thought of doing all the cooking scares you, just keep it simple with a cheese platter and wines, or ask your friends to BYO.
If you love finding a bargain (and who doesn’t) there’s no better way to find one than by spending your Saturday morning trawling through local garage sales for secondhand finds.
You can probably haggle down the price on most things because the people who have garage sales usually just want to get rid of the stuff.
If you can’t remember the last time you cleaned out your closet or you’re about to move house and need to declutter, you probably have loads of items laying around that you don’t need anymore that could be sold. A recent report by Gumtree found the average Australian household is potentially sitting on a $5,800 goldmine of unwanted goods.
You could even host your own garage sale to get rid of it all.
Equity in your home is the difference between the value of the property and how much you still owe on it. Building home equity is important because it’s a resource you could tap into later on if you want to buy another home (this is known as a home equity loan). Equity in your home can also be converted to cash after your home is sold which can then be used to buy a new car, finance your home renovation, invest, or fund a holiday. It can also be used towards the deposit for your next home or investment property.
Use our equity calculator to help you find out how much usable equity you have
You could jet off on an interstate trip or you could keep it local and explore your own backyard if you’re trying to save money. Some people like to book into a local hotel or Airbnb while others prefer to stay at home but do activities like getting a massage, going to the theatre or go camping.
An offset can be a great way to save thousands of dollars in interest on your home loan.
The amount in your offset sub-account is offset against your loan balance and interest is only charged on the difference.
For example, if your loan amount is $350,000 and you have $50,000 in your offset, then you will only be charged interest on $300,000. Because you pay less in interest, an offset can help you pay off your mortgage sooner while still having the ability to access the money you have in your account.
Calculate how much you could save over time by using an offset sub-account to pay off your home loan faster.
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