During the cooler months of the year it’s easy to get into ‘hibernation habits’. Comfort food is much more appealing when it’s awful outside and it can be hard to get off the couch when it’s gloomy or raining. It’s easy to fall into the routine of going to work, coming home, rest, and repeat – and that routine can be a little hard to break even as the weather starts to improve.

With the days getting longer and warmer it’s time to shake off the ‘go slows’ and leap into life again.

Why is it so hard to get moving?

While getting cosy understandably has more appeal than hitting the pavement for a run when it’s cold, there is also a scientific basis for our fitness levels taking a dive during the colder months. It has been confirmed there is a correlation between higher vitamin D levels and increased cardiorespiratory fitness (the ability of the heart and lungs to supply oxygen to muscles during exercise) that underscores why it’s harder to get moving when we may not have seen the sun for a while.ⁱ

Mind you it can be difficult to get motivated during the cooler months even when the sun is shining, so let’s look at ways to get back out there and get some motivation from the power of social connections!

Committed to fun with a friend

Exercising with a friend is a powerful motivator for a lot of reasons. It’s a lot harder to pull the plug and stay on the couch when you are committed to meet a friend for a walk or arranged to hang out with a buddy at the gym.

One of the key elements to forming a habit is making it enjoyable. And one of the easiest ways to make fitness enjoyable is to do it with others. Research backs this up with scientists from the University of Southern California finding that people who worked out with friends enjoyed it more than those who exercised alone.ⁱⁱ

Competition makes you go harder

The benefits of exercise happen when you are pushing yourself. You get faster by running as hard as you can and stronger by working to your maximum, and experiments have shown that working out with someone will help you to push yourself that little bit harder than if you were going solo.ⁱⁱⁱ

The phenomenon, known as ‘social facilitation,’ is when two people running together compete against each other so that each runs at a faster pace than they did running alone.

A win-win scenario

Exercising with others not only strengthens your body but boosts your social connections too. Exercise is known to be a powerful mood booster, making you feel good about yourself and flooding your body with ‘feel good’ hormones like endorphins and serotonin. This is heightened when you are with others, so when you are with a great bunch of people working out or playing a team sport, that kind of connectedness can be the key to an even happier post-workout high.

Teamwork

Think of what activities you like and join a group or team. There is so much out there to choose from whether you are an adrenaline junkie hitting the rock-climbing walls, a speed demon jumping on the bike or even a fearless flyer learning how to train on the trapeze by joining a circus programme.

Team sports are also fun. It’s easy to forget you are even exercising when you are in the thick of a tight game whether it’s on the footy field, basketball court or ice hockey arena, and for sure nothing beats the thrill of winning. And nothing provides better motivation to get into it than your team members shouting encouragement.

So whether you are getting your crew together to work up a sweat or joining a club and making new friends, the key to getting moving again is to make it social!

i https://journals.sagepub.com/doi/full/10.1177/2047487318807279
ii https://www.livescience.com/40977-exercise-enjoyment-friends.html
iii https://www.simplypsychology.org/social-facilitation.html#:~:text=Social%20facilitation%20refers%20to%20the,when%20training%20as%20a%20group.

Spring is traditionally the hottest season for property, with buyers and sellers springing into action. There are more listings and more properties sold than any other season, with the REA finding that market action increases in early October.

Due to the increase in listings, buyers tend to have more to choose from during spring, which is why you often hear that this season is the best time to buy. The warmer weather and longer hours of daylight is thought to play a factor in encouraging people out of their homes to inspect properties, and it’s also the best season for making your garden look its best – who can resist blooming flowers or a thriving veggie patch?

It’s no surprise that the last few years have seen major changes; one being that in 2022, spring wasn’t the property boom it usually is.ⁱⁱ However, it’s still to be seen how this year will pan out for property, so it’s worth being prepared.

To be ready to buy this spring, it’s important to be organised by doing your homework and getting your pre-approval in place.

Refine what you’re looking for

While increased choice is a good thing when you’re looking for something special, it can also make it harder to decide. Set aside time to consider what your ‘musts’ are in a property and what is a ‘nice to have but not essential’.

Take some time to think about your desired location, how many bedrooms you’re looking for, whether you want a garden, and how much maintenance or renovating you are willing to do. What is an absolute must – such as a home office if you’re working from home – and what could you compromise on, for instance, not having a garage if street parking is viable?

Research ahead of time

If you have established the location you’ll be looking in, now is a good time to research how the area is performing. A simple search online can give you visibility of properties that have recently sold in the area, how much they sold for and how long they were on the market.

Real estate institutes, such as REIV, tend to list data such as the top growth suburbs by median house and unit prices, which is also helpful to note.

It’s also useful to visit the area in person and attend some auctions. This will give you a greater sense of the neighbourhood and as well as preparing you for upcoming auctions.

Review your finances

Now that you’ve researched the property market, it’s time to make sure your finances are in order. Revisit your budget to see how much you will be able to spend, or create one if you haven’t already, but hopefully you’re already on track. Can you make some reductions in the short-term to help you over the line come spring?

If you haven’t already, check your credit rating so you have a firm idea of how much you can borrow. You may also be able to make some steps to improve your score, however you can’t rely on this too much given spring selling season is just around the corner, so be pragmatic.

Apply for pre-approval

While pre-approval applications can be turned around quickly, it would be beneficial to start the process shortly if you’re planning to buy in spring and we’re here to help you every step of the way.

By having your pre-approval in place, you’ll know exactly how much you’ll be able to afford but give you confidence when negotiating a price and may also mean real estate agents take you more seriously. However, it’s worth noting that pre-approval only lasts for 3 months, so if you don’t buy in spring, you will need to go through the process again at a later stage.

Spring into action

To prepare for spring – a time in which you’ll hopefully land your dream property – contact us to start the pre-approval process and get organised. With your ducks in a row, you will be ready to act when the time comes.

i https://www.mortgagechoice.com.au/news/is-spring-selling-a-myth-when-is-it-actually-the-best-time-to-sell-your-home/
ii https://www.corelogic.com.au/news-research/news/2022/what-happened-to-the-spring-selling-season

A mortgage is a long-term commitment, which many people enter with a ‘set and forget’ mentality. Most loans are around 30 years – during which many things can change, not just in your personal circumstances but in the financial world, with the new loan products and fluctuations in interest rates.

If you haven’t reviewed your loan for a while, now is a good time to consider whether it still suits your circumstances or whether you’re better off making some changes. It’s what many Aussies are doing, with the ABS reporting the value of owner-occupier refinancing of $13.4 billion last November.ⁱ

Reviewing your loan

It is a good idea to review your loan annually and there’s no better time than the present.

While this can seem like an arduous task, it doesn’t need to be complicated. To ensure you’re receiving the best interest rate for your loan – and whether your loan is still fit for purpose – ask yourself a few things:

• Has there been a change in your employment status?
• Has there been a change in your family situation?
• Have your financial goals changed?
• Are there pressing matters that need financing (i.e. renovations)?
• Are you wanting to invest or change your existing investments?

Knowing where you are standing financially can help you decide whether it’s worth refinancing and chasing a better interest rate, or whether your existing mortgage is still working for you.

Types of refinance loans

There’s not just one type of refinancing, but many different types of refinance loans, including:

Rate-and-term refinance loan: This is where you replace your loan with a new loan that is the same amount, but at a changed interest rate and/or term. This is the most common refinancing option and often what people think of when it comes to refinancing.

Cash-out/cash-in refinance: A cash-out refinance loan enables you to access the equity in your home by taking out a new loan with a higher loan balance than your existing loan.

A cash-in refinance loan has you lowering your overall loan amount by contributing a lump sum – this is done by taking out a new loan less than your old loan, paying out the difference to close your old loan.

Fixing your interest rate: A fixed loan guarantees a locked interest rate for a period of time (usually between 1 – 5 years). This is a popular option during a time of rate hikes. However, it can come with drawbacks such as not being able to take advantage of any rate cuts.

Split loans: As its name suggests, a split loan allows you to split your loan into multiple parts with different interest rates and terms.

Consolidation refinance: This is where you combine all your various debts into the one debt (including credit cards, car loans, etc) and therefore one repayment.

Things to keep in mind

While (generally speaking) the goal of refinancing is to save money, there are a few considerations to be aware of, so you don’t end up paying more in your quest to save.

Refinancing can impact your credit rating, causing it to drop. However, this dip is short-term and shouldn’t have too big an effect on your credit score in the future.

Another thing to consider is you may need to pay Lender Mortgage Insurance (LMI) again. For most borrowers, you’ll need 20% of the property’s current value to avoid paying LMI again, keep in mind the value of your property may have changed since you first took out your loan.

There are also costs related to refinancing, such as application fees, discharge/break fees and valuation fees. Some lenders waive these costs or offer a discount, so ask what you will be expected to pay and try to negotiate.

Your bid for refinancing may be rejected if you have accumulated too much debt or if your living expenses are now too high. Changes to your loan could also stretch out the repayment period, leading you to pay more in the long run.

Keeping on friendly terms with your mortgage

Whether you decide to refinance or stick with your current loan, by refamiliarising yourself with the conditions of your loan and assessing your financial situation, you’ll be better placed than if you ‘set and forget’.

Give us a call to discuss your existing loan and circumstances and to chat about your future financial goals.

i https://www.abs.gov.au/media-centre/media-releases/refinancing-reached-another-record-high-november