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On one hand, leaving your repayments at the pre-rate cut level is a smart strategy. It could see you save thousands of dollars in loan interest and be mortgage-free well ahead of schedule.
If you want to maximise these savings, you may also consider placing spare cash in an offset account. You could save more on loan interest than you’d earn with a separate savings account, and still be able to access the money when you need the cash.
It’s also worth weighing up a second possibility: using the money freed up by lower home loan repayments to achieve other goals.
Paying more off your home loan is money well used. That’s a no-brainer. But with home loan rates being so low at present, your spare cash may earn you more invested elsewhere like, say, a rental property. Or you may want to think about supersizing your interest savings by paying down higher interest debt, like a credit card.
Either way, it’s important to see how your current loan stacks up against other home loan options in the market. There can be savings up for grabs.
Talk to us today about your home loan strategies.