If you have a home loan, chances are you take an interest in the first Tuesday of each month. That’s each month, not just November. It is unlikely a Melbourne Cup win will be enough to pay off your mortgage! It’s the day the RBA announces its decision on the interest rate, which in turn influences the lenders. It has been low and stable for quite some time. It is probably going to creep up some time in the future. That might be a year’s worth of announcements away, or more.

With this in mind, you might:

• Review your current loan situation and see what options are available to you.
• Increase your loan repayments as though you are paying a higher interest rate than you actually are now – even a couple of per cent more. Even if you don’t end up needing this buffer, it will bring you to the end of your loan more quickly, and you’ll save dollars too.