Your home expense health check

Chase those household savings

It’s easy to get complacent when it comes to regular expenses. Once the big things are set up, like energy/home insurance/internet providers – not to mention your home loan – they can feel too difficult to re-evaluate, even though deep down we know we should.

While spending a bit more time at home, why not challenge yourself to chip away at this list. The investment in a little research and few phone calls really could pay off.

Lightning icon

Step 1: Compare energy suppliers

The easiest way to work out if you’re getting a good deal on your electricity and gas is to head to the Australian Government’s Energy Made Easy website (or the Victorian Energy Compare website if you live in VIC). You can use the free tools to compare all the retailers and help determine whether there’s a better plan for you.

You may find there’s a cost saving for the taking with your existing provider, simply by asking if there’s a better deal available once you’ve reviewed competitor offers.

umbrella icon

Step 2: Understand your home loan rate

Your home loan might have had a competitive interest rate at the time you got it, but as time passes, it’s worth checking that’s still the case. Research and understand the deals in the market first, so that you know what’s a reasonable expectation. If you find you need to, have a conversation with your lender to try and negotiate a reduced rate. Given the average amount and length of a mortgage, a seemingly small discount can be hugely significant over the life of your loan. If you can’t get the result you are after, refinancing your loan with a different bank could be an option.

home icon

Step 3: Check on your internet

If you’ve had the same internet plan for a while, it’s worth browsing around. With the introduction of the nbn network, your current provider may have a more enticing deal. Alternatively, as more internet providers have entered the market, increased competition means you’re spoilt for choice.

magnifying glass icon

Step 4: Review home and contents insurance

If you’re a homeowner, home and contents insurance is a necessity. However, you could stand to save by simply shopping around each time your policy renewal arrives.

Before obtaining quotes, read through your current policy and understand what you’re covered for to ensure you’re comparing apples with apples and getting the level of cover you need.

magnifying glass icon

Bonus tip: Tackle your tax

While you’re focussed on your financials, go the extra step and finalise your tax return early. If there’s potential for a refund, you’ll get that cash flow injection sooner. Remember, if you’ve been working from home more than usual over the past few months, there are ways to claim for additional home office expenses.

car icon

Your negotiating ends here: leave your car savings to nlc

For most Australians, a car is the second-most expensive purchase they’ll make.

Leave it to nlc to help reduce your cost of motoring.

When it comes to getting a better price on your new car, we’ll handle the hard conversations for you. We’re the car buying experts, so you don’t have to be.

As one of Australia’s largest car buyers, we use our fleet buying power and in-house market knowledge to negotiate on your behalf. With an nlc Novated Lease, you’ll also save the GST on the purchase price of the car.

Speaking of tax savings, under a novated lease, part of your payments come from your pre-tax salary, reducing your taxable income. We help you set a realistic budget to cover your car’s finance and running expenses – such as fuel, registration and servicing – over the life of your lease. Your employer then deducts a set amount each pay cycle so we can manage the bills on your behalf. You can also save the GST on your running costs.

Your car expenses can be ‘set and forget’, and we take care of all your automotive needs.

Looking to save on your next new car?

We negotiate on your behalf to get you a better price on the car of your choice – any make, any model.

This article provides general information only. As the information is of a general nature, it does not take into account your personal or financial circumstances and is not a substitute for financial advice. nlc recommends you obtain independent financial advice before acting on the information provided. nlc is not responsible for any information provided by third parties or contained on their website.