As the new year begins, it's the perfect time to set financial goals that improve your long-term wealth. Whether you want to reduce your mortgage faster or grow your superannuation savings, taking strategic steps in 2025 can help you achieve financial freedom. This guide shares actionable tips for managing your mortgage and boosting your superannuation balance while introducing the Grow My Money Cashback Program—a smart way to maximise your spending power and reach your financial goals faster.
Mortgage Tips: Reduce Interest, Save Money, and Pay Off Sooner
Managing your mortgage effectively is one of the best ways to improve your financial situation. These strategies can help you save thousands on interest, shorten your loan term, and achieve homeownership faster:
1. Make Extra Mortgage Repayments
By making additional repayments on your home loan, you can reduce your loan balance and save on interest. Even small, regular extra payments—whether weekly, fortnightly, or as lump sums—can significantly shorten your mortgage term. Over time, this strategy can help you achieve financial freedom faster.
2. Refinance to a Lower Mortgage Rate
Mortgage rates are constantly changing, and if your current home loan has a higher interest rate, you could save big by refinancing. Platforms like Finder.com.au allow you to compare home loan rates and find better deals. While refinancing may involve some upfront costs, the long-term savings on your mortgage are often worth it.
3. Use an Offset Account to Save on Interest
Linking an offset account to your mortgage can reduce the amount of interest charged on your home loan. For instance, if your mortgage is $300,000 and you have $20,000 in your offset account, you’ll only pay interest on $280,000. This simple feature can save you thousands of dollars over the life of your loan.
4. Earn Cashback with Grow My Money
The Grow My Money Cashback Program lets you turn everyday spending into additional mortgage repayments. Shop with participating retailers like The Good Guys, The ICONIC, and Flight Centre to earn cashback, which is directly deposited into your mortgage account. This innovative program helps you use regular expenses—like groceries, travel, or gadgets—to pay down your home loan faster and save on interest.
Superannuation Tips: Maximise Your Retirement Savings in 2025
Building your superannuation balance is critical for a comfortable retirement. These strategies will help you grow your super, save on fees, and take advantage of government incentives:
1. Consolidate Your Superannuation Accounts
If you have multiple super funds, consolidating them into one account can save on fees and make tracking your retirement savings easier. Use the Australian Taxation Office’s (ATO) online tool to find and consolidate your super funds. Alternatively, MoneySmart has a super consolidation tool as well. Be sure to review any exit fees or insurance policies before merging accounts.
2. Increase Your Super Contributions
Boosting your super contributions—either through voluntary payments or salary sacrifice—can accelerate your retirement savings. There’s been a lot of changes to superannuation contribution rates over the last few years, so it’s always worthwhile double-checking the ATO site to confirm the latest figures. The ATO confirms the annual concessional (pre-tax) contribution cap for 30 June 2025 is $30,000. Not only does increasing your super contributions through voluntary payments or salary sacrifice build your super faster, but it also reduces your taxable income.
3. Leverage Government Co-Contributions
If you’re a low- or middle-income earner, the government’s co-contribution scheme is a great way to grow your super. For every dollar of personal contributions, the government may contribute up to $0.50, capped at $500. To qualify for the 2024–2025 financial year, your total income must be under $60,400.
4. Check Eligibility for the Low Income Superannuation Tax Offset (LISTO)
Eligible low-income earners (those earning under $37,000 annually) can receive a government super boost of up to $500 through LISTO. This offset is automatically deposited into your super fund if your tax file number (TFN) is linked to your account.
5. Review Your Superannuation Investments
Your superannuation fund offers a variety of investment options, from low-risk to high-growth portfolios. Regularly review your investments to ensure they align with your retirement goals, risk tolerance, and time frame. Consulting a licensed financial advisor can help you optimize your investment strategy for maximum returns.
Grow My Money Cashback Program: Boost Your Mortgage and Superannuation
The Grow My Money Cashback Program is a simple yet powerful way to grow your wealth. By shopping with retail partners like Big W, The Good Guys, and Flight Centre, you can earn cashback rewards that are deposited directly into your mortgage or superannuation account.
How it Works:
- Sign Up: Register for the Grow My Money program online.
- Shop: Make purchases with participating retailers.
- Earn Cashback: Cashback is automatically deposited into your chosen account.
This program transforms your everyday spending into financial progress. For instance, cashback from household purchases or travel can reduce your mortgage balance or boost your super savings over time.
Start 2025 with Smart Financial Goals
The start of a new year is the ideal time to reassess your financial strategy and set goals for long-term success. By optimizing your mortgage with strategies like refinancing or using offset accounts, and growing your superannuation through government incentives or additional contributions, you can take control of your financial future.
Combine these strategies with the Grow My Money Cashback Program, and you’ll be on your way to achieving your 2025 financial goals. Visit the Grow My Money website to sign up and start earning cashback today.
Introducing Grow My Money
Grow My Money is a cashback program that rewards you for shopping through their partner brands. As The Today Show described Grow My Money, when you make a purchase with a Grow My Money retailer, you'll earn cashback, which will be deposited into your mortgage or superannuation fund. This can help you reduce the interest you pay on your mortgage or boost your superannuation balance over time. Find out more about how Grow My Money turns shopping cashback into mortgage payments or retirement savings.
To get started with Grow My Money, sign up on the website and start making purchases at popular retailers like The Good Guys, The ICONIC, Big W, or Flight Centre. You'll earn cashback on each purchase, which will be deposited into your chosen account. It's a simple and effective way to earn more money and achieve your financial goals.
The new year is a great time to focus on your finances and make positive changes. By following these tips for managing your mortgage and superannuation and using a cashback program like Grow My Money, you can set yourself up for financial success in future years.
This blog contains general advice only and does not take account of an individual’s objectives, financial situation or needs. Before acting on this general advice, individuals need to consider its appropriateness having regard to their objectives, financial situation or needs and should seek their own independent advice.