Intuitive Finance<\/a>,\u00a0has been giving us some great tips on taking advantage of this low interest rate environment. He has given us so far\u00a03 key points that everyone should be looking at and trying to implement into their strategy at the moment. Let\u2019s continue.
\n <\/p>\nTranscript:<\/h4>\n
Kevin:\u00a0 <\/b>Earlier in the show, I was talking to Andrew Mirams from Intuitive Finance. He\u2019s been giving us some great tips on taking advantage of this low interest rate environment. You\u2019ve given us three so far, Andrew \u2013 if you\u2019ve missed them, by the way, go back, they\u2019re in the earlier part of the show \u2013 but let\u2019s continue.
\nWhat are tips four and five?
\nAndrew:\u00a0 <\/b>Again, a lot of these tie into each other. In tip one, I said review your loan and don\u2019t allow complacency to slip in. Tip four is really about that complacency, and it\u2019s all about not taking on bad debt. Funds are cheap, everything else like that. If you\u2019re toying with <\/b>whether you buy an investment property or you buy a new car, don\u2019t take on the bad debt.
\nA car is not necessarily going to help you. It might be nice to drive around for a while. The boat, the personal loan, and certainly credit cards. With rates at these lows, you have to look to be trying to extinguish these debts or consolidate these debts.
\nFor the general public out there, please don\u2019t just get lazy and complacent and take on these bad debts when they\u2019re unnecessary. Let\u2019s use the low rates to our advantage, not just to take on the wrong type of debt.
\nKevin:\u00a0 <\/b>It\u2019s a great opportunity to get some leverage out of this environment and, as you say, get rid of some of that bad debt, isn\u2019t it?
\nAndrew:\u00a0 <\/b>Yes, no doubt.
\nKevin:\u00a0 <\/b>You alluded earlier to that, too \u2013 credit card debt. Do you advocate refinancing that into your existing home loan?
\nAndrew:\u00a0 <\/b>We see clients from time to time with $20,000, $30,000, $50,000 sitting on credit cards because they just don\u2019t want to tack it onto their home loan. The reality is most of those debts sit there for five to ten years, paying 20%.
\nPut it on your home loan at 4.5%. Let\u2019s set up a fast debt repayment program that extinguishes that. You can\u2019t keep redrawing or putting money back onto them. By doing that way I think is a far sounder opportunity to take advantage of this low-rate environment that we\u2019re in at the minute.
\nKevin:\u00a0 <\/b>Couldn\u2019t agree more, mate. And the final tip?
\nAndrew:\u00a0 <\/b>The final tip \u2013 and I\u2019m not necessarily saying to rush out and do it today \u2013 is I think people should be starting to look at the fixed-rate options, especially those people with larger loans, and certainly with investment portfolios.
\nNow is the time. Rates aren\u2019t going to stay this low forever. Sure, we think there might be another decrease coming soon, but it\u2019s now time to start to review and strategically look to position your portfolios or your loans with a maybe blend of fixing part of it, some of it, or all of it.
\nThere are a couple of lenders that will give you an offset account and the ability to pay extra repayments with a fixed rate. We don\u2019t normally look to that sort of structure unless it really suits the client.
\nBut certainly I think tip five should be \u2013 I\u2019m not saying rush out and do it \u2013 to certainly start to look at the options out there for the fixed rates that are going to start to appear at all-time cheap prices.
\nKevin:\u00a0 <\/b>Great advice. Those are some tips for you from Andrew Mirams on making sure you take advantage of this low-rate environment.
\nAndrew, great thought-starters there. Thanks for your time, mate, and we look forward to catching up again soon.
\nAndrew:\u00a0 <\/b>My pleasure, Kevin. All the best.<\/p>\n","protected":false},"excerpt":{"rendered":"
Earlier this week Andrew Mirams, from\u00a0Intuitive Finance,\u00a0has been giving us some great tips on taking advantage of this low interest rate environment. He has given us so far\u00a03 key points that everyone should be looking at and trying to implement into their strategy at the…<\/p>\n","protected":false},"author":176692471,"featured_media":4189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,25],"tags":[101],"class_list":["post-4073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-sponsored-channels","tag-podcast"],"yoast_head":"\n
5 tips that could trim years off your mortgage. Part 2 - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/5-tips-that-could-trim-years-of-your-mortgage-part-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 tips that could trim years off your mortgage. Part 2 - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Earlier this week Andrew Mirams, from\u00a0Intuitive Finance,\u00a0has been giving us some great tips on taking advantage of this low interest rate environment. 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