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Do you dream of the day when your home is all yours? There are a few simple steps you can follow to help you pay off your home loan sooner rather than later.
A ‘good’ budget will factor in all of your regular spending habits, showing you how much you spend each month and how much you can save. Our Budget Planner can help you put this together.
You can then inject all the money you save into your offset account or redraw facility to help you pay down your mortgage faster.
An offset account or redraw facility can help you pay your loan off sooner. To understand more about both loan facilities click here. Alternatively, give your local Mortgage Choice broker a call today for an obligation free appointment and he can chat you through your loan options.
Taking leftovers or a homemade lunch to work every day can help you save more money than you think. A bought lunch can cost as much as $15 a day. That’s $75 a week or $3,900 a year.
If you had a $400,000 mortgage with an interest rate of 4% p.a and you contributed an additional $75 a week to your repayments, you would save yourself more than $77,000 in interest over the life of your loan.
It’s food for thought!
If you are prone to spending money frivolously, give yourself a weekly cash budget. Know how much you need to spend each week to cover all of your expenses and then withdraw that amount in cash at the beginning of each week.
By living off cash, you will not only spend less, but you will also avoid incurring costly fees by using the wrong bank's ATM. According to data from RateCity, 40% of all ATM transactions are being done at these `foreign' ATMs, costing Australians approximately $548 million in avoidable fees a year.
Most economists still believe that interest rates could fall further in 2017, which means that home loan lenders are also likely to offer borrowers even better deals in the period ahead.
Our free Home Loan Health Check can help you to compare the interest rates you may be currently paying on loans, and whether you could be actually saving money by refinancing to something better.