I think getting a mortgage is kind of like getting married...
That’s because too many people are completely caught up with saving the deposit, buying the dream home and getting the loan in the same way that so many people only think about the wedding day.
BUT as you know, the marriage is (hopefully) more important than the wedding in the same way that having a strategy for your mortgage is just as important as getting that mortgage in the first place.
Not sure where to start?
Now that you are wedded to the bank, download my FREE guide: Mel’s Top 5 Mortgage Tips that will reduce your stress and save you thousands.Download My Free Guide
The Stats are Alarming
The average mortgage size in Australia is $601,797. This is up by 36% since 2017.
The average interest rate on a variable mortgage in Australia is 6.57%.
This is up from 3.25% a year ago.
The average monthly repayment on a mortgage in Australia is $2,718.
This is up from $1,600 a year ago.
The number of mortgage delinquencies in Australia is rising.
The percentage of mortgages that are 30 days or more delinquent was 2.2% in May 2023, up from 1.9% a year ago.
There are around 880,000 fixed rate mortgages that will expire in Australia in 2023. This is equivalent to 23% of all Australian home loans.
As an ex-financial advisor, I see too many people either popping their head in the sand and putting their life on credit to try and maintain their lifestyle. Or at the other end of the spectrum, choosing to pause any type of investing and simply divert as much of their funds as they can into paying off their mortgage as quickly as possible.
You might not realise this, but both strategies are super problematic.
That’s why I’ve created this guide. To give you 5 of my top mortgage tips so you have a plan for your mortgage, you can sleep better at night, knowing you’ve got this and you’re still looking after future you.
P.S. Just one of my tips could save you tens of thousands of dollars over the lifetime of your loan.
What do you have to lose? Download my guide using the form below.
Download the Free Guide!
Hi, I'm Mel!
I’m an ex-accountant, ex-financial advisor and now financially independent in my own right (after coming back from less than nothing in my 30s as the result of a stupid financial mistake). I believe finance is personal and it’s about finding the solution that works best for YOU. This is definitely not a ‘one size fits all’ kinda place.
If we’ve just met, welcome to the path towards reducing your financial overwhelm. I promise you’ll discover you can do money well and you might even (dare I say) enjoy doing it.