Having a home loan is usually one of the most expensive debts one will have in their lives;
Here are a few of our top tips that can be followed to help you pay off your loan quicker.
Select the right loan
This is where it all starts; Your Mortgage Broker will shop around for you to ensure you have the right home loan established in the first place, which in time you will benefit from..
Putting extra monies towards your loan will significantly reduce the amount of interest paid with following repayments. Throughout your loan it is advised to contribute any extra monies towards your home loan such as surplus from your tax return, work bonuses or dividends from other investments.
Have your income paid into an offset
If it’s financially possible; put your income or savings into an offset account, having those funds in your account for a few extra days every month could possibly save you hundreds of dollars in interest every year.
Don’t lower your repayments
Just because you’re regular home loan repayments drop because interest rates fall, doesn’t mean you should lower your repayments. By continuing your regular repayments at the same cost you are effectively paying extra off your loan.
Home loan health check
Having your loan checked regularly may save you a significant amount of money off your loan. As interest rates are on a record low at the moment you might be better off fixing your loan than having a variable rate. Mortgage Choice Bundall can review your loan to see whether there is a better loan or lender out there for you.
Note: Make sure you check that your loan allows you to frequently contribute to your loan as there may be additional payments or fees that you accrue.
Everyone wants to pay off their loan faster; let Mortgage Choice in Bundall help you achieve your financial goals! Call Mortgage Choice Bundall, Gold Coast on 07 5504 5569 or email firstname.lastname@example.org
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