Debt Management

Purchasing your first house, investment property, car, or boat?

It’s an exciting time in anyone’s life, however, this often involves going into debt.

Even if you have excellent positive cash flow to pay this down fast, managing this debt effectively can dramatically impact your future finances.

It all starts with positive cash flow – after expenses.

If you don’t have this, you may need to re-think and restructure. Educating yourself can be a great way to do this and can open doors and possibilities for increased income.

Method of reducing debt faster

Track your spending – Cash Flow Budgeting

Understanding your spending habits is crucial.

Having a family budget to help track this, is an easy way of helping you control your expenditure.


Make small regular extra repayments

Deposit any extra cash inflows into the loan such as tax returns, bonuses, or overtime payments.

Also planning for regular, small cash injections can have a great impact over the life of a loan.


Switch your payment intervals

If you find that you don’t have the discipline to make extra repayments, then simply switching your payment structure from monthly to fortnightly can help save years off your mortgage.


Make sure you have the right type of loan

Ensuring your loan allows extra repayments without penalty, offset accounts to use your savings or transaction account to reduce your principle, and the ability to fix in portions of the loan to take advantage of lower rates if suitable for your situation.


Don’t decrease repayments when interest rates fall

Any changes to the national cash rate usually flow through to interest rate changes at the banks.

If the rates go down, you’ll save interest and can get ahead faster by maintaining your regular payments.


Keep your eye on the prize

Watch the forecast term on your mortgage – seeing it go down will motivate you to work even harder.


Find a better deal – Talk to an expert

Statistics show that every 15 months a home loan customer needs to re-look at their loans.

There could be changes in rates, fees, terms, and economic conditions, as well as the growing equity in your property that should be discussed to maximise your financial position.


At Oracle, we specialise in setting up the right platform for your later years, keeping things simple for you to understand, and taking the worries away by being a guiding hand throughout the process.

Use our repayment calculator to see what additional you could be putting away against your loan.

Enquire today to see how Oracle can assist you!
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