Fuelling finances: Mylend
Race Week is traditionally a big week in Canterbury. Cup Day, Ladies day, Riccarton Races… it’s a week of sunshine (hopefully) socialising and being surrounded by people hoping to make a quick buck.
Now I have been known to attend Cup Day on the Tuesday with the same lovely group of friends who I have been going with for the past 10 years.
It’s always a memorable day, however I do go there with a few financial tips.
- Know your budget, if you are going to have a flutter – make sure it’s the pre-determined amount of cash you have on the day. Or the pre-loaded amount on your TAB app.
- Don’t be drawn into using your eftpos card to make bets. It can end badly when you go over your budget, especially when alcohol is involved.
- Can you afford to lose money? $20 is still $20…
- Be prepared to walk away. It’s a flutter for a reason.
It is also the time where we see a lot more properties come on the market for sale. Often, it’s that last good nudge before Christmas. If you have been considering selling your home and you require bank lending for the next purchase, get your pre-approval done early. This way you will know how much you can spend on the next house, and start house hunting accordingly. Approvals last a good 90 days, so you have plenty of time to play with. Banks are a little slower than we would like at the moment, which is a reflection of those decreasing interest rates, so being organised is key.
The next OCR is at the end of November, and if the predictions are correct, we will be seeing more reductions in those interest rates. So have caution when you are fixing your home lending at the moment. Have robust conversations with your mortgage adviser around time frames and know what your options are. I am always free to have a confidential chat, so be in touch anytime.
