Are you watching your savings disappear faster than a block of cheese when wine is involved? With interest rates and living costs on the rise, it’s proving to be very challenging times for us all. Just the other day, I picked up a block of cheese for my weekly grocery run, and it set me back $13.90! Can you believe that?
A new survey has revealed that many Australians are feeling the pinch, struggling to manage mortgage repayments as the cost of living climbs. According to the State of Aussies’ Savings survey by InfoChoice, around 3.4 million Aussies have less than $1,000 in savings, putting them on the edge of financial vulnerability.
The survey also found that about 16% of Australians are treading on thin ice when it comes to their finances. A whopping 49% of these people surveyed have had to dip into their savings in the past month, which translates to about 1.6 million people! As costs for essentials like food, energy, and housing continue to rise, the financial strain is becoming all too real.
If interest rates were to rise one or two more times, many mortgage holders would reach a breaking point. This situation could also impact renters, as landlords may need to increase rental prices to manage their own financial burdens. Alarmingly, about 10.6% of people with a mortgage have less than $1,000 in savings. Renters have it even tougher, with over a quarter (27.4%) being in the same boat.
This data highlights how important getting a home loan health check is.
If you have a mortgage and are paying any more than you have to, then the bank is winning and your pocket is not! Having a health check on your home loan will ensure you’re on the best possible rate, maximise your savings and provide some much-needed relief.
We recently helped a client refinance their mortgage from 6.99% down to 6.09%, saving them a huge $385.33 per month.
Are you interested in similar savings? Well, it’s time to book a chat with us and unlock your savings!
Book in for a chat today: Let’s Chat!
