FINANCE with Lynette

With the Reserve Bank of Australia increasing the cash rate again, Australians are feeling the pinch as interest rates rise across the board. Whether paying off a mortgage or saving to purchase property, the cost to service a loan is increasing. This combined with high inflation, growing cost of living and relatively stagnant wage growth has made it an important time to double down on saving money

Here are 6 tips to save in an interest-rate-rise environment

Refinance: Get your broker to check if you can reprice or refinance your loan to a lower rate or for lower fees.

Consider your package: Your broker can also check if your home loan package suits your needs. Switching to something more basic if you are not using all the features could save you in fees. Or if you would make use of additional features that could save you money, such as an offset account, your broker can run the calculations for you to determine if it is worth switching. Change the term: You could consider extending the term of your loan to lower repayments. Keep in mind this means you will be paying more over the life of the loan but is an option if you are experiencing cash flow problems now.

Check your budget: By making note of all your expenses, you could identify areas where spending could be reduced. This could include memberships, subscriptions, or luxury purchases. This calculator can be a good place to start.

Offset account/redraw facility: If you have an offset or redraw facility, now is a very good time to make use of them. By putting money into your offset or additional repayments on your loan, you will save on interest which becomes even more money as interest rates rise.

Extra repayments: If your loan allows for it, consider making extra repayments now, which can save you money in the long run as interest rates continue to rise.

If you are looking for ways to save on your home loan, speak to us for a free, no-obligation home loan health check. We can also discuss your options and right strategy to achieve your goals.

The right time to refinance

Finding a lower interest rate isn’t the only reason why you may choose to refinance your home loan. If it has been more than a year since you last compared your home loan, or your circumstances have changed, it could be a good time to check if you would be better off refinancing. Some other reasons you may consider refinancing include:

Fixed-rate expiring

If your fixed-rate term is due to expire in the upcoming months, it is a good idea to find out your options. Often, when a fixed-rate expires, you will be automatically transferred to the lender’s variable loan, which may not be competitive or suit your needs.

Your equity has grown

If you have been making your home loan repayments, it is likely the equity you own of your home has increased. If this is the case, lenders may be willing to offer you a lower interest rate.

Your credit score has improved

If your credit score has changed for the better since you took out your home loan, it is possible you could be eligible for a lower interest rate. It is always worth asking the question.

Lynette Melis Finance Broker/Franchisee Director Harrlyn Financial Services Pty Ltd LoanMarket Kyabram

Cwa Harston Branch

CWA Goulburn Valley West Group recently held their Group AGM and Conference at the Harston Hall. All branches were in attendance, with a large gathering of the local members, as well as the State representative, Mrs. Marilyn Tangey, chairperson of the ACWW Community Support committee.

Over 600 items were donated by the members for distribution locally and for Marilyn to take back to ‘Umina’ the head office of the Country Women’s Association in Melbourne for sorting.

The Conference was opened by the host branch Harston, where a warm welcome was extended to all. The Guest speaker was Mooroopna member Mrs. Barbara Carter who spoke of her youthful days, working in outback Australia as a caterer on a remote farm cooking for the station hands. Barbara also worked as a governess for the children. She told us how whilst travelling on the bull dust track she rolled her car. As it was a remote road, she managed to pull herself free but then needed to walk miles back to the farm for help. Barbara returned to the Goulburn Valley where she worked at both Plunket’s and Halls packing sheds.

The State representative spoke of the welfare work presently being done at Rochester where many homes are still not inhabitable after the recent floods due to the shortage of tradesmen and supplies. The CWA ACWW are encouraging members to ask their branch what they can do to help at Rochester, with a Women Walk the World fundraiser happening at Rochester on April 29. CWA Goulburn Valley West Group will be walking around the Shepparton Lake as part of WWTW.

The first Sunday in May is CWA Sunday where members attend a local church. For some this is an annual event, a chance to celebrate the fellowship the church has to offer and enjoy a cup of tea.

The Branch Secretaries each year read out what activities their branch has been doing for the past twelve months in The Two Minute secretary report. This was won by the Rodney Branch and read by the Branch Secretary Mrs. Janette Mason.

The other secretary’s reports are sent to Melbourne and read by Group Presidents and the winning report for 2022 was won by CWA Sheridan Branch at Kyabram, and read by Mrs. Doreen Napier.

It was remiss of me not to mention at the Group AGM, all present office bearers were re-elected to their positions of Group President Mrs. Mandy Perkins, Rodney, Mrs. Janette Mason, Rodney and Ms. Noreen Smith of the Mooroopna Branch. This is their second year, and we thank them entirely.

Group President, Mandy, is looking for a suitable venue for the Annual Group Lunch and two places were suggested, Longleat Winery at Murchison or the Kyabram Fauna Park. Should any members have another suggestion please contact GP Mandy.

The State representative Marilyn, brought along the four new tea towels and a CWA travel mug which have been added to the merchandise on offer from the CWA, along with the cookbooks.

CWA Harston presently have several members on the not so well list, and I’ve tried to make this report on Conference as informative as possible for their benefit.

Hope you’re all feeling better soon.

TATURA – RUSHWORTH PRESBYTERIAN CHURCH

The Presbytery of North East Victoria, as part of the Presbyterian Church of Australia, has recently ordained and inducted Mr. Kalpan Vasa (originally a Hindu from India) into the Pastoral Charge of St. Andrew’s Presbyterian Church in Tatura and Rushworth. The ordination service was held at Tatura Presbyterian Church on Saturday 25th February 2023.

The church building was almost packed as the local members of Tatura – Rushworth congregation were joined by friends from various churches across the North East, and many from Melbourne, to witness and to celebrate the occasion.

Rev Peter Phillips, Moderator of the General Assembly of the Presbyterian Church of Victoria, in his greetings, reminded the congregation that, “we rejoice in this great occasion because of the faithfulness of our crucified, risen and ascended Lord Jesus Christ, who continues to give to His Church the gift of shepherds and teachers for building up the body of Christ, until He returns.”

In presenting the narrative of steps leading to the ordination and induction, Rev Stephen McDonald (Benalla Presbyterian church) shared briefly Kalpan Vasa’s testimony of how he forsook his previous life of religious hypocrisy and idol worship, and came to faith and to love Lord Jesus Christ, the one true and living way to God, the Father.

After Presbytery completed the ordination with the laying on of hands and with prayers, Rev Kyung Ee (Shepparton Presbyterian church), who was leading the service handed over the pulpit to the new minister, Rev Kalpan Vasa to lead the rest of the worship service.

Rev Dr Douglas Milne (Professor at Presbyterian Theological College, Melbourne), in his sermon, exhorted us all to consider our ways to see if we are seeking first God’s kingdom and His righteousness. He urged and exhorted the new minister, Rev Kalpan Vasa to speak, in love, the truths of God’s Word, freely and fully to the congregation. He also encouraged the congregation, as they receive God’s Word, imbibe, and meditate upon it and do it to the glory of God.

At the conclusion of the service, Rev Kalpan Vasa pronounced the blessing, and the congregation sang a doxology. After the service, everyone enjoyed wonderful Christian fellowship over the lunch in the Church Hall.

Pastor Kalpan mentioned that it was a special joy and privilege for him that his parents, who are not Christians, were present to witness his ordination.

For the congregation of Tatura and Rushworth, it was truly a day of wonderful reminder and joyful celebration of goodness and faithfulness of Lord Jesus Christ to His Church.

- St. Andrew’s Presbyterian Church, Tatura and Rushworth.