This is a guide to the financial matters you should be thinking about at the different stages of your life:

20–30 Having fun while you are young is a good thing, but you are never too young to think about saving.

  • set a budget you can live with
  • start a regular savings plan for a deposit
  • put a few dollars away each week for superannuation
  • take care of your health and take out income protection insurance
  • take financial risks on aggressive, growth-orientated products
31–40 By this time many people are in serious relationships and are looking to establish a family and home.
  • look at maximising your career and earning potential
  • seriously think about mortgage reduction
  • start planning for the children’s education
  • make sure your will and insurances are in order
  • establish a family financial plan
41–50 With the mortgage mostly paid off and the children starting to leave home, this is the time of financial freedom.
  • increase your super contributions
  • diversify your investment portfolio
  • reduce and pay off the mortgage
  • look at your health and increase life, disability and income insurances
  • use the equity in your home to fund other investments
51–60 Time to start thinking about retirement and easing up on the workload.
  • increase contributions to your superannuation
  • consider switching investments to more secure options
  • ensure wills and other legal documents are up to date
  • talk to a financial planner
61+ Time to enjoy your golden years and a well-funded lifestyle!
  • explore your pension entitlements
  • arrange tax-effective income streams
  • continue increasing super contributions until retirement
  • maintain health insurance but reduce the rest
  • take care of your health

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now