Top 5 resolutions for property success in 2018

By Tom Watson · · 2 min read
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Each new year brings with it new goals and aspirations, but when it actually comes to thinking about resolutions for 2018 where should you begin?

For many Australians property will be their most valuable asset and financial commitment, which means reviewing your home loan and property goals is a great place to start.

So whether you're looking to buy your first home, your fifth, or you just want to add value to the property you already have, these are five resolutions you’ll want to keep.

1. Keep on top of the market

To give yourself the best chance for success in 2018 you’ll need to do your research. Whether that’s the likelihood of an RBA rate change if you’re an owner-occupier, the property hotspots to keep an eye on if you’re looking to invest, or the changes to government grants and schemes for first home buyers, keeping up to date with the latest developments is key.

2. Reassess and refinance

Is your home loan rate still competitive? When was the last time you checked? Mortgage rates are even lower now than they were 12 months ago, so now is the ideal time to compare options and snare a red hot rate. The lower your rate, the faster you’ll be able to pay down your loan and build equity in your property. Mozo calculations suggest that the average borrower* could be saving up to $2,039 each year by switching to the most competitive loan on the market.

Here are some some of the lowest rates on the market right now to help you get started.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 8 September 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

3. Invest in your own home

You don’t have to become an investor to make great investment decisions. One savvy option for owners looking to increase the value of their own property in 2018 is to build a granny flat which could provide some extra rental income, or simply add anywhere between $100,000 to $200,000 to the value of your property. Consider other ways you can cost-effectively increase the value of your property, for instance by adding a carport or extra bedroom.

4. Make the most of your home’s equity  

Given the exponential rise in the value of property in recent years, you could be sitting on a potential investment gold mine. So why not use your home's equity in 2018 by starting a line of credit with your bank which you could use for anything from making renovations to improve the value of your existing home, to funding a deposit for your first investment property.

5. Supercharge your first deposit

If you’re looking at buying your first home, 2018 could certainly be a great opportunity for you to get into the market. To give yourself the best opportunity, fast track your way to a 20% deposit (which will help you avoid paying lenders mortgage insurance) by sitting down to reassess your budget and find ways to cut out any luxuries or expenses you can live without.

* Calculation based on an owner occupier borrower making principal & interest repayments on a typical $300,000 home loan over 30 years.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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