New homeowners are set to turn their backs on the traditional Easter spending spree, according to Mortgage Choice’s Recent First Homeowner Survey.
The survey of first homeowners who purchased in the last two years found that 32% of respondents plan to spend less this Easter than they did last year; 54% plan to spend the same amount and only 14% intend to spend more.
“Taking a battering from the November rate rises and recent hikes to other living costs while witnessing, and in some cases experiencing, the destruction of natural disasters means a leaner, more conservative Easter for many Australians,” said Mortgage Choice spokesperson Kristy Sheppard. “Despite five months of steady interest rates. Borrowers are determined to either put money back in their hip pockets or make sure their outgoing cashflow doesn’t increase.”
“Astute mortgage holders are spending less to repay their debts sooner and create a savings buffer. Some of these and other borrowers may be unaware there are repayment strategies that reduce the overall interest owed on their home loan by utilising their savings, knocking time off the loan term.”
She suggests that borrowers who looking to reduce their mortgage costs can pump regular savings into an offset account to reduce the interest owed and overall loan term; make sure that they’re not paying a premium for features that they don’t need; and use mortgage comparison websites to make sure that they’re getting the best deal.
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out