It can be quite challenging to pay off your debts when you don’t know which one to take care of and prioritise first. Addressing your bills is a massive responsibility because if you don’t know how to balance your finances, it could bore a hole in your pockets and deplete your income in the long run.

When your debts take up a considerable chunk of your income, before you know it, you don’t have anything to put away in your savings anymore. Fortunately, it isn’t too late to get yourself out of your situation and learn to manage your expenses while still making room for savings.

If you’re paying for a home at the same time, your mortgage could take up a majority of your bills. Besides seeking a mortgage consultant’s help, keep reading below to find out what you can do to save money on your bills and come up with more cash in your bank account.

You Could Refinance Your Home Loan

Homeowners that dread paying for their home loan each month may want to think about refinancing their mortgage to access better interest rates than what they have now. It could help you save more money on your repayments each month throughout the validity of your loan.

While it can seem scary to refinance your loan, especially if you’ve spent a long time on your current home loan, you’ll be better off if you find one with a lower interest rate. Every bit of help counts, and the difference doesn’t have to be too big at that to guarantee you’ll have a more comfortable time repaying your loan each month.

You Could Open an Offset Sub-Account 

With an offset sub-account, you get a transaction account that’s connected to your home loan. The money involved in the same account is offset from your remaining home loan balance when you calculate your interest.

 As a result, it lowers the repayments you have to address each month and the interest involved in your loan. Having an offset sub-account is one effective way to minimise your expenses, and if you need to learn more about it before considering opening one, you can talk to a mortgage specialist. 

You Could Get a Home Loan with Low Fees

 Having a home loan can greatly help you when you’re paying off your property because you don’t want to empty your savings by spending all of it on real estate. The key to keeping your savings untouched is to get a loan with a low interest rate to help you repay it for the years to come without struggling financially about it.

 If you’re always paying expensive fees and high rates as part of your home loan, your efforts are just going to waste. These charges could involve conveyancing fees, establishment fees, government fees, redraw fees, monthly service fees, and more. When you add them all up, you might be left with fewer savings unless you study comparison rates before settling for the right home loan. 


If you think you’re coming up short on your cash each time your bills and due dates arrive, you put your savings on the line, especially when you don’t know what expenses to settle first. If you want to keep your money and save smart, you could refinance your loan, open an offset sub-account, or get a home loan with lower fees. Talking to versatile mortgage brokers could also give you a better idea of your situation, including how you can make it better and your savings bigger.

Are you looking to hire the best mortgage brokers in Sydney? Wealthy You is a mortgage company that provides an array of mortgage solutions to meet our clients’ specific financial needs. We are also a lending specialist aiming to make your home refinancing plans come true. Get in touch with us today to apply for a loan!