Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

New Year, a New Strategy; Now Is the Time to Plan for Your Financial Future

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

New Year, a New Strategy; Now Is the Time to Plan for Your Financial Future

Article excerpt

TIRED of sitting on the sideline and want to score your financial goals sooner? Mid-year is a good time to review your progress over the past 12 months and strategy for the future, to help you hit the ground running in the new financial year.

According to Australia's largest independently owned mortgage broker, Mortgage Choice, existing and potential borrowers now have a great opportunity to contribute any end of financial year bonus, new pay increase or tax return towards their property goals while checking that they are on track to achieve them.

The Sunshine Coast franchise owner for Mortgage Choice, Robert Harney, said that now is an ideal time for borrowers and those-to-be to reassess their property goals, revisit their budget and make the most of any new windfalls while putting in place a solid plan for the new financial year.

"This applies whether you are looking to move out of the rental market through buying a home, purchase an investment property, upgrade or downsize your place of residence, pay more off your mortgage, or help your child into their first home," Mr Harney said.

"Setting realistic goals on a regular basis is vital. Biting off more than you can chew or constantly falling short of your expectations can set you back emotionally and financially. Now is the time to set your property goals in motion by thoroughly revisiting your finance strategy."

Consider the following tips when planning your property strategy.

Cash up to cash in

Saving your tax return or bonus, forgoing luxuries and-or selling assets with a high monetary value can help you achieve your goals sooner. Contribute this money into your savings account to increase your deposit for a first, next or investment property purchase. Or, create a financial buffer by depositing it into your loan account, which takes time off your loan term and reduces the total interest owed.

Interest in advance

Investors with healthy cash flow and good savings habits might consider the tax advantages of an interest-in-advance home loan. These let you to pay, in advance, up to a year's worth of interest, allowing you to claim the tax deduction in the current financial year. …

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