I was filling up the car the other day with a smile on my face knowing it wasn’t going to hurt my wallet as much as it has been.
There’s more reasons for us to smile at the bowser if we’re smart about what we do with those savings. You can use those petrol pump savings to potentially generate thousands of dollars more in savings. How?
Savings of around 41c a litre or $25 a week
We compared average weekly unleaded petrol prices nationally and in 12 cities and towns in NSW and the Gold Coast at the week ending February 8 with the week ending June 29 2014. The figures come from the Australian Petroleum Institute. Take a look at how your region has fared in the table below – there are some interesting differences between cities (but that is another story!)
In that time, the average national price has come down from $1.54 per litre to $1.13 per litre a saving of 41c per litre. In Sydney and Newcastle the saving has been 45 c per litre and it’s 47c per litre on the Gold Coast. The highest saving was on the Central Coast (50c per litre) and the lowest in Orange (19 c per litre). For someone using 60 litres of petrol a week the saving nationally is $24.84 per week. In Sydney, Newcastle and the Gold Coast the saving is more than $27 per week. People on the Central Coast are saving as much as $30 per week whilst people in Orange are still saving $11.34 a week.
Put the petrol savings into your Home Loan and save up to $38,000 in interest
If you put $25 a week extra off a 30 year, $300,000 Greater Building Society basic variable home loan, you’d save $38,800 in interest over the life of the loan and cut the loan term by three years and eight months. On a $25,000 five year secured car loan, an extra $25 per week will save $1,100 in interest and take one 1 year off the loan.
Make it auotmatic, compulsory saving
Low petrol prices and cuts to home loan interest rates are giving us a chance to really make our money work more for us.
It is too easy to spend the saving or let it fritter away. My tip is to increase your automatic repayment by the saving. If you don’t see it, you won’t miss it.
Although petrol prices have started to turn upwards you may find you can still keep the habit of saving that little bit more. With The Greater’s free internet banking redraws you can easily get at any extra money you pay off your home loan if you need it.
Help is at hand
If you need some help getting sorted, our beaut website calculators make it easy to show you all the ways they can save your present from the oils companies. Or call into a Greater branch where our friendly expert staff can get you saving more.
|Unleaded Petrol||Average $/L||Price for 60L|
|City/Town||June 2014||Feb 2015||Difference||June 2014||Feb 2015||Difference|