Pay down mortgage debt while the cash rate is low

Get to work on paying off your mortgage

Taking out a home loan is a big financial step, but if you're already on the property ladder, now could be the perfect time to think about making some additional repayments.

NAB is urging mortgage owners to use the record low cash rate as an opportunity to pay down their debt and take steps towards a more secure financial future.

The bank explained how now is the perfect opportunity to get ahead with repayments, especially as the official cash rate will remain on hold for another month.

Group Executive for Personal Banking at NAB Gavin Slater explained how around 85 per cent of customers are already on top of their payments and there's potential for many others to follow suit.

The cash rate has now stayed at 2.5 per cent since August 7 2013 and many analysts don't expect it will change any time soon.

If you've been thinking of getting onto the property ladder, now could be the time to do it – just make sure you have a financial plan in place to give yourself the best chances of success.

Anyone who has already saved for that all-important deposit might want to think about making their move on the market, but for those who've yet to build one, coming up with a strategy is essential.

Speaking to a life coach can be a great way of getting yourself on track. It might be that you need some guidance on how to make changes in your life or could do with some help with how to budget.

In either instance, a life coach can get you on track and help improve your chances of success.

Making some different lifestyle choices might be all you need to start meeting your savings goals – who knows, you could be in your own home sooner than you thought!

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