Sit-down In September to Fix Your Finances
Australia’s largest online lender loans.com.au has called on Australians to set aside one day of the September school holidays to spring clean their finances.
Managing Director Marie Mortimer said September was a good month to take stock of your spending and look for savings in the coming year because it coincides with tax time.
“With tax returns due at the end of October, most people are only now sorting through their records and finding out whether they are ahead or behind for the previous financial year,” Ms Mortimer said.
“This is the ideal time to continue that process while the numbers are fresh in your mind and do a spring clean of your finances by working out where you can save money in the year ahead.”
Ms Mortimer said it was important to rule off a whole day and for couples with kids it was best to choose a day when the kids were out of the house so both partners could be deeply involved.
“Reviewing costs like insurance, home and car loans and general expenses is a bit of a chore but the rewards can be huge,” Ms Mortimer said.
“It is not unusual for a couple to save $1000 in one sitting on insurance, and moving debts to a low cost lender can save thousands of dollars in a year and potentially up to $100,000 over the life of a loan.”
“Loan repayments are the largest single expense for many families so, with the money you save by working out your options and switching, it could easily be your best paid day of work this year.”
Loans.com.au recently cut the variable rate for refinancers on its Essentials product to a record-low 3.71 per cent (comparison rate 3.73 per cent) to drive the growth of online lending during the spring home buying season.
Loans.com.au is also offering a super-low rate on car loans, charging just 4.69 per cent, while the Big Four banks charge an average of 9.37 per cent.*
Loans.com.au offers innovative online finance products backed by Firstmac, Australia’s largest non-bank lender, with 35 years’ experience and $8 billion in mortgages under management.