Aussies love a wager. Whether it be a game of Two-Up on Anzac Day, sporting events, Casino’s, the weekly Lotto or the pokies, we are one of the biggest gambling nations on the planet.
A trip to the Newsagent will get you a Lotto ticket, the local Pub no doubt has pokie machines to play while enjoying a counter meal and a few of your favourite beverages and of course there’s the proliferation of online and app based gambling sites that will allow you to bet on pretty much anything these days. Australia was the first country to deregulate gambling way back in the 1980’s which probably explains why we are absolutely surrounded by any number of ways to have a bet and hope to snag a big win.
But, the reality is we are actually a nation of losers. Research by The Economist shows that Australians are the biggest losers, by a long way, of any nation on the planet when it comes to gambling. In 2016 Australians lost a staggering US$18.6Bn (AUD$24.5Bn) to gambling which equates to around US$990 (AUD$1320) for every adult in Australia. The chart below, from The Economist shows how we fare against other countries.
Sure, many of us know someone who has won big on something. We have even had a Bernie Lewis Home Loans staff member win Division 1 Lotto a few years ago and is now happily retired and financially secure. But for most of us, if we do enjoy a bit of gambling and take the time to do the sums we’d likely find we are losing money. Now what if I were to show you a way where you could win and get a return every time, absolutely guaranteed. This method might not make you an overnight millionaire but I absolutely guarantee you will be better off. Surely that’s appealing?
The answer, pay the money you would have otherwise spent on gambling into your home loan or other debt such as credit card or personal loan. For example, let’s say you’re one of the average Australians and you do blow $1320 per year on gambling. And let’s say you have an average home loan of $300,000 at an interest rate of 5.00% over 30 years. If you were to put $110 per month ($1320 divided by 12) into your home loan as a voluntary additional repayment then over the course of the 30 year loan you will save an incredible $39,850 and nearly four years off your loan term. If you want to play around with some different numbers for your particular circumstances click here to go to our Extra Repayments Calculator.
By the way, if the interest rate on your home loan is 5.00% then we probably need to talk. We might be able to make you an even bigger winner by refinancing your loan into one of the much cheaper products available in the market, call us today on 08 8300 8300 and let's discuss your options.
Mark Lewis, Managing Director