Banking & Financial Products

Automated savings

Automating your savings can really boost your financial security. By setting up automatic transfers to your savings account, you put it aside from your budget, turning it into surplus savings. This simple habit helps reduce the temptation to splurge on impulse buys and ensures that your money is consistently working towards your future. These automated transfers are a smart way to manage your finances as they support better financial habits and stability.

Lower Interest Home Loans

Refinancing your mortgage can lead to substantial savings, especially if interest rates have fallen since you first took out your loan. Even a reduction of just 1% in your interest rate can translate into significant savings over the life of your mortgage.

When refinancing, you’ll need to choose between fixed and variable rates. Fixed-rate mortgages offer predictable and consistent payments, making budgeting easier. On the other hand, variable-rate loans might start with lower rates but can fluctuate with market conditions, potentially leading to higher costs if rates rise.

HOT TIP!  Talk to our team about the savings you could enjoy with a WTB home loan – and don’t wait longer than you need to. Katharine had been considering switching loan providers for nearly a year before she connected with us. With a lower interest rate than her previous provider, she is now saving $172 every month and using these to pay down the principal on her loan.

Term Deposits

Fixed returns

Term deposits provide a guaranteed return with fixed interest rates for a set period. This makes it easier to plan finances with predictable and stable returns – like a forced savings strategy with a bonus at the end! Term deposits offer investment lengths from one month to five years, letting investors match their investments with their financial goals. 

If you tend to dip into your savings unnecessarily and have the means to cover emergency expenses from other accounts, consider a term deposit to add discipline to your budgeting.

Implementing these budgeting strategies can lead to improved financial stability and greater peace of mind. 

Would you like more tailored financial support? Speak to our friendly team today about ways to put more money back into your pocket. Call us on 1300 665 533 or email us on info@woolworthsteambank.com.au.