Is 2025 the year you want to get ahead with your finances? 

No matter whether you are saving for a deposit on your first home, planning to add an investment property to your portfolio, or simply wanting to take advantage of the lower interest rates to pay your mortgage off sooner, there are plenty of ways to improve how you manage your savings and finances this year, helping you work towards your goals.

Here are the top tips from our mortgage advisers at Loan Market Agile, to help you hit your property goals quicker….

Get clear on the main goal

What is your property goal? Are you saving for a first home deposit? Planning to pay off your mortgage quicker? Or building a nest egg for an investment property?

Identify your goal, how much you need to save, and break it into milestones. For example, "Save $100,000 for a first home deposit" can sound overwhelming, but breaking it down into saving $2,000 per month over four years (which is the same $$$) sounds far more achievable. 

Identify your spending habits

Understanding and reviewing your spending habits helps you to work out exactly where your money is coming from and where it’s going. It allows you to create a solid budget and see if there are any expenses that could be cut down or removed completely, allowing you to redirect this money towards your savings goal!

Here are a few tips that can help you identify areas where you could potentially save…

• Hunt around for the best deals on things like power, internet, memberships, and insurance (and don’t be afraid to take your business elsewhere if you get a better deal!)
• Cancel the subscriptions you no longer use (be sure to check your app subscriptions - you might be surprised at what you are paying for!)
• Take your lunch to work instead of buying it, or choose to cook at home instead of eating out
• Utilise a budgeting app like mybudgetpal, MoneyLover or Spendee to get a simple to understand breakdown of your spending

Make your mortgage work for you

If you’ve already entered the property market, there are some things you can do to speed up your progress toward financial freedom. 

• Switch to weekly or fortnightly repayments to pay off your loan faster.
• Review your home loan annually with your adviser to ensure it is still working in your best interests. Be sure to let your adviser know of any changes to your situation that might pop up through the year, so your lending can be adjusted accordingly. 
• Talk to your bank (or reach out to us) to see if an offset account is available and whether it could be a good fit for your financial situation.

Choose your savings strategy

Saving for property involves more than just setting money aside—it’s about creating a plan that keeps you in-line with your financial goals and accelerates your progress. Depending on your property stage, depends on what strategy you can use to help boost your financial situation. Here’s some generic ideas, but get in touch for your own personalised strategy. 

• First-home buyers: Get clear on the KiwiSaver First Home Withdrawal scheme and the First Home Loan to understand if you meet the eligibility criteria and how they can support your homeownership journey.
• Homeowners: Have a chat to your mortgage adviser regularly to ensure that your loan is still working for you. With different interest rates and lending options available, it’s possible that there could be a better option for you that could free you up some additional funds.
• Investors: Create a dedicated property investment fund with automated contributions so that you can steadily build your capital without having to think twice about saving. 

Plan for unexpected costs

No matter your financial goals, unexpected costs can be a quick way to derail your savings plans. It’s a good idea to work towards building up a rainy-day nest egg for when those unexpected things happen. The rule of thumb is to have 3-6 months of living expenses saved, so that if the worst happens, you are covered for while you get back on your feet. Remember to keep these savings separate - in their own bank account is a good idea so that you aren’t tempted to touch it!

Regularly check in on your finances

It’s important to regularly check in on your progress, so set yourself a reminder to do this either monthly or quarterly. If you are a visual person, you might enjoy using a money goal tracker to see how close you are to your goal - many banking apps have these built in. It’s also important to ensure you reward yourself for your wins, so when you hit a milestone, take yourself out for a meal or reward yourself with something small - just be sure to keep the rewards budget friendly!

Seek expert guidance

Getting the right advice can make all the difference, no matter whether you are saving for a property or managing a mortgage. Here at Loan Market Agile, we can help you navigate the process, whether you’re a first-time buyer or seasoned investor. Our team of local Christchurch mortgage advisers can help you from start to finish with the following… 

• Tailored advice on mortgages and refinancing.
• Strategies to maximise your borrowing potential.
• Expert insights into the Christchurch property market.
• Advice around KiwiSaver and how this ties in with your financial strategy.
• Guidance on interest rate trends and loan structures to optimise your repayments.

Book your free appointment with us today!

This information is general in nature and does not constitute personalised financial advice. We recommend speaking with us to assess your individual circumstances.