WHAT CAN YOU DO TO MINIMISE THE IMPACT OF HOME LOAN INTEREST RATE RISES?

Mortgage Brokering

By Reece Droscher

The rise in the inflation rate to over 7% in the latest update has meant the Reserve Bank has again raised the cash rate this month to 3.85%. Since last May mortgage holders have seen 11 increases to their Home Loan rates. For some homeowners this has resulted in their loan repayments increasing by over $1,500 per month , so what can you do to minimise the impact of these changes?

1. REVIEW YOUR CURRENT HOME LOAN

As a mortgage broker I regularly come across people who have had a Home Loan with the same lender for five years or more. They have simply been paying the required repayment without ever thinking about what the current interest rate is, the fees that are being charged and what other lenders may be offering. In the current environment it is a mistake to assume that your current Home Loan is providing you with the best value. By having your loan reviewed a Mortgage Broker may be able to present products from lenders offering lower interest rates than you are paying currently. This could potentially save you thousands on interest costs or help you pay your loan off sooner.

Another benefit of having a review is to ensure the type of loan you have remains the most suitable to meet your current needs. Offset, redraw, the ability to make extra repayments or switching your rate between fixed and variable rates are all options your Mortgage Broker can review for you.

2. CONSOLIDATE MORE EXPENSIVE PERSONAL LOANS AND CREDIT CARDS

You may also have some smaller debts, such as credit cards or personal loans, that are charging higher interest rates but could be consolidated into your Home Loan. This could help repay these debts sooner by reducing the costs of these debts but would also simplify your finances, reducing the number of loans and repayments being made to multiple lenders.

3. NEGOTIATE A BETTER DEAL WITH YOUR CURRENT LENDER

Even without refinancing your Home Loan to another lender, your Mortgage Broker may be able to negotiate a better deal with your current lender. It costs a lender a lot more to attract new borrowers than to keep their existing customers, which is why they invest a lot of money in business retention teams. By looking at what competitors are offering your Broker can use this information to leverage a lower rate with your existing lender. reece@shlfinance.com.au www.shlfinance.com.au

It is also important to note that a mortgage broker is required to act in their client’s best interest by law, which is different to the requirement on a lender when you deal with them directly. That is why the best person to review your Home Loan is your local Mortgage Broker. At SHL Finance we are already proactively helping our clients negotiate a better rate with their current lender, reviewing their existing loans and discussing ways to potentially save our clients thousands of dollars. We would love the opportunity to help you too.

Please call Reece Droscher on 0478 021 757 to discuss your options.

Naturopath

By Kathryn Messenger

Whilst bowel movements may not be the most lovely topic, they can tell you a lot about your health.

As a naturopath, the digestive system is very important. After all, it is where both the nutrients from food is absorbed and where the majority of waste products and toxins are eliminated. Your stool and how often you pass one gives a good indication of the state of your lower digestive tract (colon).

The problem with constipation

If the body’s waste products and toxins are not eliminated efficiently and are left sitting in the colon, they can be reabsorbed into the body. This can cause a feeling of bloating or fullness and contribute to a number of health issues. These substances include both toxins that have been taken into the body, as well as hormones that are no longer required, and these become reabsorbed creating an imbalance. This can lead to skin issues, hormonal dysregulation, period pain, and reduced immune function. Additionally, the combination of hard stools with straining can cause haemorrhoids or anal cracks.

What is the ideal stool?

Generally, it should look like a sausage, ranging from solid with slight cracks, through to soft with well-defined edges. Medically, constipation is determined as less than 3 bowel movements per week, although this is much less than what is ideal. For optimal health, you should pass 1 -2 bowel movements per day, with little urgency, little to no straining, and a sensation of complete evacuation.

How to improve bowel movements

Water

Firstly, drink lots of water: 1.5L-2L/day. If you like some fizz, drink some soda water, or if you don’t like the taste of water add some lemon juice or mint leaves for flavour. As the weather gets colder, herbal teas are a great way to increase your water intake.

Increase dietary fibre

If you don’t eat a lot of vegetables, this is the best place to start when increasing fibre. Think of ways you can add more vegetables to the meals you already eat. Secondly, if you eat a lot of white flour