Our top tips for borrowers in Australia this year? In 2024 for those looking to borrow for a home loan, business loan, car loan or SMSF loan it will be all about consolidation and preparation. Here are our top three tips for borrowers in 2024:
- As interest rates start to hold steady in Australia and historically high inflation rates come down, cost of living pressures should ease. According to Adele Andrews, Director of Australian Property Home Loans “The year of 2024 will go down as one of consolidation”. It’s worth looking to reach out to an expert Lender early to see if there’s a better way to structure debt. Consider whether they can leverage a higher valuation on your property to bring personal loans, credit cards and car loans that might have accrued over the Christmas and Summer period into one product with a lower rate.
- Buying property? Prepare or beware
For prospective home buyers looking to buy property the key is preparation. As the market heats up and there’s more competition for property, clients need to ensure they have a fully assessed pre-approval with a lender who has maximised their circumstances. Home Buyers should ensure they’ve explored all lending options, and have workshopped all possible scenarios to know that they have the best possible available advice on the market.Most importantly, they must understand what their repayments will look like and how that will impact their budget and lifestyle. It is important for them to land in a comfortable place and be in control of their money. And to have a good team of professionals to support them throughout the process – so much can go wrong, it’s vital they don’t put themselves in a vulnerable position.
- Run a mortgage pulse check
So many people don’t know what type of loan they have or how much they’re paying in interest! Before they look to borrow, or consider refinancing or consolidating debts, clients need to know what rate they are paying and what rates they could be paying! Run a mortgage pulse check and work with a Lender to ensure they have the best rate and loan structure for their situation. It won’t just save them money every month, it will help them pay off their loan sooner!
To find out how we can support your clients with Lending solutions in 2024, get in touch today!
Geoff Bell, Director, Connecting Finance