It’s hard to escape talk about the economy, inflation, cost of living or rates. If you are feeling concerned or have been putting your head in the sand, there is someone worth talking to – your banker.

Owner-Manager at Bank of Queensland Bundaberg Branch Trudy Azzopardi said talking to your bank and reviewing your personal situation will help lessen financial anxiety, by structuring your lending in a way you are comfortable with. 

“We can review your overall situation and discuss options to help you prepare for any future interest rate movements, so you can feel comfortable that future financial goals can be still achieved,” Trudy said.

“Understanding how your finances and plans for the future are structured will help to reduce any anxiety you may experience by knowing you are prepared for possible changes.”

She said interest rate rises did not have to mean putting future plans or borrowing on hold – instead make sure it’s ‘good debt’.

“Good debt is borrowing money to purchase an asset that may appreciate. This may enable you to grow your asset portfolio and wealth, where it will hopefully increase in value over time,” Trudy said.

“You still need to be mindful if this purchase will help with your long-term goals and plans. Being able to work to a budget and live within your means of affordability is still important.” 

Another option in uncertain economic times to move you closer to your financial goals is to make improvements to your existing home. 

“The biggest return on renovations are high-use areas like kitchens and bathrooms as well as increasing the number of living areas or bedrooms, or making the most of an outdoor space through a shed or pool,” Trudy said.

“We are also seeing customers take advantage of existing equity, or having improvements and renovations valued by an independent valuer as part of an application process, to ensure the planned renovations are adding to the intended value, and they are not overcapitalising.” 


This is general information only. Seek your own independent financial, legal and taxation advice. BANK OF QUEENSLAND [email protected] 07 4151 9650