When it comes to all things financial, it’s confusing at the best of times. In recent months, Australia has witnessed a number of announcements and changes that may influence you financially.

-          Mortgage exit fees abolished – the government’s decision to ban mortgage exit fees on all new loans came into effect on July 1. It was a move to increase competitiveness among lenders, which will give you greater control over your mortgage and allow you to refinance without being penalised for doing so.

-          Interest rates unchanged – last week the RBA announced interest rates would remain unchanged at 4.75%. This means one less financial thing for you to worry about.

-          End of the financial year – with June 30 gone, it’s time to start thinking about getting your finances back in order. If you’re lucky enough to get a tax refund, consider putting at least some of it towards paying off your mortgage.

These announcements are set to help you save. There are many other hints for saving, especially if you’re in the market for a home loan or have already mortgage.

• Avoid unnecessary fees – there are many fees that you can easily avoid paying. The simplest is ATM fees. Don’t access your money using a bank that’s not linked to your account. Avoid other fees such as parking fees by taking advantage of the “free” period.
• Use your legs – for short trips, leave the car at home. Get exercise and save on petrol at the same time.
• Resist the urge to indulge – it seems like a simple hint, but you’d be surprised how many people don’t follow it. If you don’t need it, don’t buy it.
• Avoid gym fees – if money is tight, avoiding gym fees is a simple way of saving money. Take advantage of Australia’s natural beauty and get outside; go for a walk, a run or a swim. Many parks even have benches and bars permanently set up so you can create your own circuits.
• Make your lunch – whether it be your own lunch, your partner’s lunch or the kid’s lunch, make it at home instead of buying it. You’ll be surprised how much it saves you.
• Your trash is someone else’s treasure – if you have excess pre-loved appliances, toys or clothes lying around the house, consider having a garage sale or putting some things on eBay. There’s no point having things gathering dust when they could be making you some quick cash.
• Utilise home loan comparison charts – with mortgage exit fees on new loans now abolished, take advantage of home loan comparison facilities to see if there is a better home loan out there for you.

If you make sense of the changes and be a little savvy, there are plenty of savings to be made.

This entry was posted on Sunday, August 21st, 2011 at 7:20 pm and is filed under tips. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.