AS home loan interest rates rise, many borrowers find themselves paying more towards their mortgage than they ever have before.
However, there are a number of strategies that you can use to help reduce the stress, says Craig Durston, credit admin & support officer at GMCU.
“Making extra repayments can be a great way to save on interest over the life of a loan, but it’s not the only way. Other options such as Loan Offset accounts can allow you to use your savings to reduce your interest expenses. Look for an account that offers 100% Offset to make the most of this, and better yet, find one that you can use as a regular transaction account for a convenient solution,” said Craig.
Craig also suggests that making use of scheduled payments can be a game changer when it comes to taking control of your finances.
“A great strategy is to set up automatic payments. You can arrange for these to make your loan repayments and put money aside for savings or other expenses on a set schedule, such as every payday. This can be a great way to stick to your budget, pay your commitments and know how much you have left over,” Craig said.
“Don’t hesitate to ask for advice. At GMCU, we are committed to the financial wellness of our members and our communities. If you’re looking for some advice when it comes to your banking, or just want to discuss your options, pick up the phone or drop in to your closest branch and chat to your local team. It costs nothing to ask for help, and you just might learn something that can help you financially, now and into the future.”
GMCU is a customer-owned financial institution with 10 locations across the Goulburn Valley Region. Speak to your local team today or visit gmcu.com.au to learn more about how they can help you.
