Here are a few things to consider when making a big financial commitment:
- does your insurance cover meet your financial obligations? Buying a new home or investment property in Australia could be considered a significant life event. You may be eligible to increase your level of insurance cover without having to provide medical evidence
- have you considered how you'll manage your debt and cash flow after taking on a larger financial commitment? We can help you work out a debt plan that suits your lifestyle
- what happens to your estate if you die? Have you reviewed your nominated beneficiary/ies? Now is the time to make any changes based on assets.
Using super to save for a home deposit
The 2017/18 Federal Budget unveiled a new scheme for first home buyers to boost their super and then draw on it for a home deposit. If you want to buy a home, from 1 July this year (if the Government proposal is passed) you can start saving for the deposit in your super and receive some tax advantages in doing so. Find out more details about how to use your super to save for a home deposit.
Need advice on strategies to pay of your home loan sooner?
To explore all the options available to you, you may want to consider speaking with an Adviser from TelstraSuper Financial Planning. Give us a call on 1300 033 166 between 8.30am to 5.30pm (Melbourne time) Monday to Friday to discuss your advice needs. Or fill in our online contact form to have an Adviser give you a call.Request a call