MoneyQuest’s February Cash Rate Message – Tidy Up Your Finances In 2022

New year, same cash rate. That’s right, the new year has begun, it’s the start of a new month, new opportunities abound… but the cash rate is still the same. The Reserve Bank of Australia Board has decided to keep the cash rate on hold at 0.1%, which is great news for homeowners as it indicates that variable interest rates are likely to remain low and largely untouched.

So what’s our message to kick off the year?

Now that the summer holidays are coming to an end, now is a great time to focus on tidying up your finances and giving some thought to your goals for the year ahead. If your expenses blew out a little over Christmas and you have a few high interest debts or credit cards that are worrying you, there a few things you can do to potentially save some money, simplify your repayments and reduce your stress levels.

Refinancing

Now might be the perfect time to explore your refinancing options. There might be a loan product out there that better suits your needs and/or that offers a lower interest rate. Lower monthly repayments might be on the horizon.

Debt Consolidation

If you are losing sleep over your debts – whether they be credit card bills, personal loans and /or business debts, why not consider consolidating these into a new home loan? You might be able to access a lower interest rate, lower your monthly repayments and potentially build up some extra cash flow for a rainy day. Plus, you will only be subject to one set of fees and one interest rate, and you’ll only have one repayment schedule to focus on. However, before you consolidate your debts, it is important to ensure that you are in a position to comfortably and consistently repay your loan on time.

There are a variety of financial and psychological benefits associated with refinancing and debt consolidation, so we recommend chatting with a finance specialist to learn about these in more detail, and to find out about all of the options available to you.

Our team of MoneyQuest mortgage brokers are experts in this area. They can research and compare a variety of loan products for you, and help you to choose a finance solution that suits your needs and financial circumstances.

Call your local MoneyQuest mortgage broker now, and start anew in 2022!

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