13 things you can spend your savings on when you refinance

Did you know, as of May 2017, the average Australian mortgage is $380,000? If you have an interest rate of 3.74% compared to 4.74%, over the course of a 25 year loan, you could save $63,824! That’s around $2500 a year. Have you ever thought what you could do with an extra $1,500 to $3,000 a year?

1.) Overseas Holiday

Paris is calling! Or maybe you’d prefer a cruise, snorkel the Great Barrier Reef, see Uluru, have a week in Bangkok or relax in Fiji? Wherever it is you have wanted to travel to, your savings from refinancing your home loan could get you there.

2.) First Class Ticket To Somewhere

With $3,000 there are many places you could go flying first class. Board before anyone else, get champagne on arrival, comfortable seats, flight attendants waiting on you and a variety of food and drink compared to economy. Sounds great, right?

3.) Gym Membership

Getting fit and healthy is one of the most common goals people have. Gym memberships are usually $20 to $50 a week (depending on if you choose a personal trainer and other options). With the savings you make by refinancing you could join a gym, take up yoga or any other sport you’ve always wanted to do.

4.) Get A House Cleaner

Who wouldn’t love to have their house cleaned each week? You could save yourself time, come home to a clean house and not have to worry about it for a year with savings from refinancing.

5.) Front Row Tickets To Your Favourite Singer

Do you always end up at the back of the concert instead of being front and centre for your favourite singer or band? With your savings from refinancing your home loan you could have the cash ready next time your favourite singer or band are touring and snag the best seats!

6.) A New Computer

Computers vary in price and quality. You could upgrade your system at home, get a new laptop or table. A MacBook Pro will set you back a few grand, which you can now afford if you want.

7.) Shopping Spree

How much could you buy in your favourite store with $1,500 to $3,000? You could potentially get a whole new wardrobe, fill your closet with new shoes, bags, accessories or buy a nice piece of jewellery.

8.) Monthly Massage

How relaxed would you feel knowing you could have a massage every month for a year? Or a weekly manicure, a weekly blow dry or choose any number of beauty treatments, book them in and treat yourself with your savings.

9.) Luxury Branded Clothing

A Burberry coat, a pair of Christian Louboutins, a Louis Vuitton bag or any number of luxury, high end items can be purchased within this price range and if taken care of, they will last years.

10.) Clear Debt Or Reduce Your Mortgage

If you have credit cards, a personal loan or any other debt you could put your refinance savings on it to pay it off quicker. If you choose to continue putting the money you are saving straight onto your mortgage, you can shave years off your home loan. Find out how much you could save by clicking here.

11.) Minor Renovations

Repaint the house, do a bit of landscaping, install a water tank, get new blinds or curtains or redo the home decor in your favourite room with your savings. You could get a new bed, new mattress, a new lounge or another large piece of furniture along with some smaller decor items to totally change the look and even create a little oasis at home.

12.) Book Out The Movies Or Restaurant

Treat your friends and family to a night out by booking out the movie theatre or a restaurant for your group only.

13.) Personal Chef

Hire a personal chef for a fun night with friends or arrange to have a personal chef cook and deliver your meals for the week. You can select from a menu, they cook and deliver it. Depending on the service, you can pay more and have them cook in your own home.

To find out how you can refinance and possibly save thousands click here to chat to a broker.

This article is not to be taken as financial advice. Every applicant’s personal situation will vary. We recommend seeking professional advice for your circumstances. All loans are subject to the normal lending criteria.


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