Prior Preparation Prevents Poor Performance in 2023

If you're planning to make any significant changes to your finances in 2023, why not speak to one of our experts for 15 minutes? You'll be able to talk through your goals, options and steps to get them. No obligation, of course! Pick the scenario below that best suits you.?

Goal 1: I want to compare my current interest rate to save money now

?An extraordinary number of Australians are about to suffer severe “mortgage shock” in 2023 as they roll off ultra-low fixed interest rate loans, often secured at sub-2 per cent rates during the height of the pandemic.

Based on current market pricing, that’s likely to entail a jump in the average mortgage interest rate from 2 per cent to about 5.5 to 6 per cent for such borrowers!

If you are choosing to ring out 2022 with a committed YOLO (“You only live once”) mindset, despite the rather worrying prospect of your home loan interest rate roughly TRIPLING mid-next year, you wouldn’t be alone. About 2/3rds of existing fixed-rate loans are set to expire next year, and data suggests that we are continuing to spend! It’s our job to help you prepare for this. We can speak to you about your options now; this will help you prepare for next year when your fixed rate expires.

Goal 2: I want to purchase an investment property

With house and apartment price growth softening or going backwards throughout Australia, many experts are saying now is a good time to buy an investment property.

This is the most sensitive property market we’ve been in for a long time, with the fastest decline in house prices in almost 40 years. The rental market in Sydney and Melbourne has already risen 25% this year, and we’re about to receive a huge number of migrants who’ll all want somewhere to live.

Many owner-occupiers don’t think they can afford to invest in property whilst paying off their home mortgage. This is a misconception, as investing has some great advantages that can make building your nest egg easy.

Of course, everything depends on your particular circumstance, so an individual assessment is required. Book a complimentary equity review below.

?What's covered:

• An assessment of how much equity is in your current home or investment
• Equity best practice. When to use it and how to use it. (Yes, timing is important)
• How to buy a property with 100% equity with potentially no money out of your pocket.
• Can you use your equity to renovate your current home or purchase another investment?

Goal 3: I want to reduce my debt

With a home loan

By consolidating debt with your home loan, you will be subject to the generally lower interest rate of your home loan. With credit card interest rates typically well-exceeding 8%, you could save money and alleviate the stress of worrying about missing repayments. This way, you can enjoy the benefits of a longer repayment term and lower interest rate. All individual circumstances do vary so please get in touch so we can workshop your situation.

Goal 4: I want to save money for a deposit

What if we told you we could help you save money quicker so you can get your foot into the property market much sooner than you thought?

?Whether you are just starting out with your savings or a little short of the required deposit we’ll help you bridge the gap by setting you up with your very own MABSavers app.

?A MAB Savings Coach will be with you throughout your entire savings journey to check in and keep you on track and help you save for your deposit sooner!

Register for MABSavers today. Limited 25 seats available.

If you are reviewing your finances, book a no-obligation initial meeting with one of our award-winning brokers via the link below and experience what genuinely outstanding mortgage advice is supposed to be like:

??? Book:?https://lnkd.in/gbUmRX-P

???[email protected]

?? 1300 MAB SYD (622 793)

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