With the COVID-19 pandemic still raging despite the easing of lockdowns, some people planning to buy a home in the Cairns area are waiting to see what happens after everything reverts to the “new normal.” While in pandemic isolation, there are three ways to make the most of the lockdown by sorting out the finances to be ready to make that purchase.
Consolidate your debts, if any
If you have multiple debts, they are stressful. By consolidating these debts with your mortgage, you could swap that confusing melee of debt obligations for a single repayment to remember each month. If you can tailor-consolidate or customise your loans, you might want to make extra lump sum repayments. This will save you on interest over the loan term.
Get your budget act together
Firstly, always be in control of your budget. That means being accountable. If you have any excesses, remove them right away, especially if they prove unnecessary, such as online shopping, expensive take-out meals, etc. Make a spreadsheet or calendar to keep track of your expenses.
Talk with your bank about the present hardships
These are challenging times and everyone knows this, including your bank. Why not spend some hours with your lender and talk about options, so everyone comes out a winner. Ask your bank to help you navigate your loan hardships and help set you up for that eventual home purchase.
Have an open discussion with Steve Cordenos Real Estate
Since you’re planning to purchase a home from real estate Cairns areas, why not give Steve Cordenos Real Estate a call and discuss your options as early as now. For physical distancing, you can use video conferencing platforms, and you can even take a virtual online tour of any home for the purpose of choosing. Visit the Steve Cordenos Real Estate website today at https://cordenosrealestate.com/.