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How a Mortgage can improve your Financial Position / How a Mortgage can grow your WealthA mortgage strategy can have a positive impact on your ability to maintain cash flow, sustain your home mortgage and provide investment opportunities for you. Setting up a mortgage need not mean impairing your wealth accumulation – in fact, your mortgage, managed well, can enable you to acquire assets, increase your tax deductions and improve your general financial status.
To start, you’ll want to align your mortgage strategy with your future property and financial goals. Considering your goals, you can take three steps towards creating a bespoke mortgage strategy:
|1. Plan your lifestyle – Decide your property and investment goals.|
|2. Create a strategy – With qualified professional advice, determine the steps needed to manage your mortgage to reach your goals in Step 1.|
|3. Choose who will help you to execute your mortgage strategy – Find a lender, agree a suitable interest rate and communicate regularly as your circumstances change.|
Your mortgage strategy will profoundly affect your wealth growth, so you may want to consider these options:
An offset account is a practical device – a transactional account linked to your home loan – to help reduce the amount of interest paid and the term of a variable home loan. It is often included as a feature with most standard variable mortgages, so it is likely you will have one at your disposal.
The balance in your offset account is ‘offset’ against the mortgage balance and interest is charged only on the lowered mortgage balance. You have financial flexibility by being able to withdraw from the offset account at any time, whilst still paying down your home loan.
Managing your money is essential to the success of your mortgage strategy. You will need to stay abreast of your expenditure and keep a record of your remaining balance to enable you to more easily make investment decisions and still pay off your mortgage debt. A budget can be created and managed with your lender to show your financial position at any time.
When you borrow money to pay for business expenses and for investment costs, you may be able to claim a tax deduction for the interest paid on the borrowed money. By borrowing money pre-tax for tax-deductible purchases, you can save money. Seek advice to ensure your interest claims are permissible tax deductions.
Manage Your Risk
Managing your financial risk is as important as managing your money. By managing your cash flow and ensuring you maintain a balance of funds, you can help mitigate any potential financial loss at times of investment insecurity.
Your offset account can offer a buffer through the redraw of equity in your home if needed. Fixed interest rates on your loans can provide certainty through difficult times. Restructuring your home loan and/or changing lenders can keep investment opportunities open to you by enabling you access your wealth for future growth.
These aforementioned options to help grow your wealth, implemented with expert advice, may allow you to hold on to your investment property/ies (avoid selling and incurring the associated costs), minimise your debt, optimise tax deductions where applicable and, ultimately, enable you to acquire more assets and to secure a more stable financial future.
As it can be highly impractical to design your own mortgage strategy, you are encouraged to solicit a mortgage lender or advisor. Call YML Group’s Finance Team for an appointment.
How can YML help?
Talk to our YML Finance Team today to see how YML Group can assist you with your mortgage strategy. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.