For many Australians, the Easter long weekend provides the opportunity to have some much needed R&R.
Any extra money you can contribute to your monthly mortgage repayments can make an even bigger difference than if the same amount was paid off on a mortgage with a higher interest rate.
If you want to pay off your mortgage sooner rather than later, here’s a few easy tips you can exploit:
Refinance your mortgage:
With interest rates sitting at historical lows and Australian lenders competing for
Business, there could be another product on the market with a much lower interest rate and better suited to your needs, which in the end could save you thousands of dollars in interest over the period of your loan.
Make the most of an offset account:
By making the most of your offset account, you are able to significantly reduce the amount of interest you have to pay on your home loan. So, if you are anticipating a good tax return or receive a pay rise, make sure you feed it all into your offset account as this will help offset the amount of interest payable on your home loan.
To see whether or not there are other things you can do to help you pay off your mortgage faster, why not make the most out of your Easter long weekend and give me a call. I’d be more than happy to show you ways to make your money work harder for you.
If you would like learn more about your home loan, an offset account, or financial advice options, call George Cremone on 07) 3393 6200 or visitwww.mortgagechoice.com.au/george.cremona