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How to Start the New Year with Instant Savings - January 2021

By Guest Blogger, Louisa Sanghera, Principal Broker,

Zippy Financial


It’s a new year, which means a new opportunity to get your finances on track. We have rounded up a number of tips to help you start 2021 on the right financial foot, with less money spent on bills and debts, and more money in your bank account growing your “rainy day” fund!


How to… save money on your mortgage 

No one wants to spend more money on their bills, debts or loan repayments than they need to. The good thing about reviewing your home loan is that you may be able to save thousands (or even tens of thousands) of dollars by monitoring how much you’re paying in interest. 

According to the ACCC, the older your home loan, the more likely it is that you’re paying more interest than newer mortgage holders. Their research shows that if your home loan is more than 4 years old, you could be paying over half a percent more than someone with a newer loan. 

If you have a $700,000 loan and achieve a 0.5% interest rate discount, that amounts to $3,500 in interest savings in the first year alone. Over the entire loan term, you could stand to save tens of thousands of dollars! 

To make sure your home loan interest rate is as low as it can be, call your bank and ask for a discount. This is something we do for our clients quite regularly. As a mortgage broker, it’s our job to get you a good loan with a great interest rate that suits your needs, but our job doesn’t end once you get the loan and take ownership of your property. 

So, we make a note to check in with our customers every 12 months to make sure their loan still suits their needs, and that they’re still getting the most competitive deal. 

If the phone call doesn’t work, shop around for a better home loan deal – there are dozens of competitive rates on offer at the moment, and some even come with cashback incentives, which put $2000-$4000 straight in your bank account.


How to… save money on your credit card 

Credit card debt doesn’t just cost you a small fortune in massive interest charges, but it can also impact your ability to get finance for another home. When you have a high amount of credit card limits (that’s the limit of your credit card, not how much you actually spend on it) the banks will actually reduce your borrowing power. 

This is crucial to keep in mind if you’re thinking of buying a new home in 2021. To get your credit card debit under control, consider: 

  • Consolidating your debts by refinancing and rolling your credit card debts into your home loan and cancelling all of your cards.

  • Transferring your credit card debts onto a new, 0-percent interest credit card so you can pay off the balances sooner

  • Try the “snowball” debt repayment method: start with your smallest credit card, pay it off aggressively, then close the account. Move on to the next smallest balance pay it off as quickly as possible, then close the account.


How to… save money on your bills 

This is simply a matter of setting aside a few hours and hitting the phones, to call all of your providers to make sure you’re getting the best deal. 

From your energy plan to Foxtel, to gym memberships and insurance, almost every bill you pay is negotiable – or at the very least, you’ll be able to shop around for a better deal. 

I had a client who once quit her gym to move to a cheaper one. She was paying $33 a week, and wanted to move to a different gym that charged $22. Her existing gym matched the price on the spot – saving her $11 a week, or $572 per year. 

All from one conversation! 

Replicate this 10 times over with the many bills and accounts you have, and it’s easy to see how quickly the savings can add up.


Start saving money on your mortgage today

If you don’t have the time to review your finances, or you want the guidance of a professional to help you make sure your mortgage is the most competitive it could be, feel free to contact our friendly team and we’ll review your home loan today. 

Our services are 100% free, so it’s an absolutely risk-free process, with loads of potential savings on the line. Contact us today on 1300 855 022.


Louisa Sanghera

Director and Principal Award-Winning mortgage broker at Zippy Financial

Zippy Financial

Louisa created Zippy Financial after a 25-year career in banking, with the goal of using her expert financial knowledge, vision for exceptional customer service and passion for property to help her clients grow their wealth through smart property financing. Whether you are looking to buy your first home, re-finance or build your property investment portfolio, Louisa and her team of experienced brokers can help guide you through the challenging maze of finding & securing exactly the right loan for you.

M: 0414083522 or 1300 855 022
E: louisa@zippyfinancial.com.au

Connect with Louisa Sanghera on LinkedIn



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