30 Ways on How to reduce your home mortgage or rent

How to reduce your home mortgage or rent
  1. Live in an affordable home.
  2. Before you buy your home, get insurance quotes (renter’s insurance or home & content insurance for the home you want).
  3. Get home & content insurance to start the insurance cover on the settlement date, that is when you take over the ownership from the vendor.
  4. Stay in a safe (safe from crimes, flood, fire, etc.) neighbourhood, it reduces your insurance premium.
  5. Buy a house in the suburb that will get the flow on effect (that is the next suburb that will increase in capital).
  6. Or, buy a house in a good suburb or desirable suburb. That means, as close as possible to the city (that is within your budget), has good transport (there is freeway or highway, there is a train station and there are bus and tram services), there are reasonably good schools (primary and secondary schools), there are amenities (groceries and chemist) and hospital.

How to Save Money on Rent Payment
  1. Rent with housemates. 1 Bedroom apartment is more expensive than sharing a 2 bedroom apartment.
  2. Rent an older apartment or house, not a brand new one, unless you have an incentive (rent cut).
  3. If you work at home, you may be able to claim home office expense which may encompass rent, utilities, internet (check the tax office on www.ato.gov.au)
  4. Allow couch surfers in return for a small fee
  5. Sub-let the other rooms in the house & stay in the cheaper room
  6. Rent as a house sitter
  7. Don’t rent room by room, it’s more costly
  8. Don’t rent with all utilities, internet, meals and any other benefits provided, most of the time they are more expensive
  9. If you are renting in a house full of students, offer to the landlord for cleaning duties or any other duties, in return for reduced rents
  10. Rent out your garages
  11. Take care of the home and monitor your housemates and other guests to ensure they don’t damage the properties. Don’t sacrifice your bond money for something that could have been prevented.
  12. When you are vacating the property, clean the property on your own. Save money on ‘bond cleaning’. But do it properly.

 How to Save Money on Mortgage Repayments

  1. Be a homestay parent
  2. Rent out your unused rooms
  3. Rent out your garage
  4. Renting out to students and providing them meals, may command higher rental rate than renting room only. Providing extra benefits to students may also command higher rental rate, such as being a guardian, providing utilities and internet, providing clothes services (laundry and ironing).
  5. Look for cheaper mortgage rate
  6. Don’t use a mortgage broker, if your loan is simple enough, you can do it on your own
  7. Online account usually offer better deals
  8. If you think the interest rate is going to go up, lock into a fixed rate
  9. Put money into your offset account, instead of in saving account
  10. Pay your mortgage weekly.
  11. Deposit all money you have into offset account, the deposited money will offset your outstanding home loan.
  12. When refinancing for lower interest rate, incorporate the refinancing fees against the money saved on reduced home loan repayments.

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