Does the word “mortgage” send chills up your spine?
It doesn’t have to, here are four great tricks that will work a treat to help you pay off your home loan sooner.
Know where your money is going
Do you have a gym membership you never use or could you bring lunch to work once per week? If you could find just $25 and put it off your loan you could save $26 000 over 20 years and reduce the life of your loan.
Re-Pay more often
By switching from monthly to fortnightly repayments you will squeeze in extra payments each year, thus reducing the number of years you are making repayments. This is because there are 12 calendar months and 26 fortnights in a year. So, if you pay fortnightly, you actually make the equivalent of thirteen monthly repayments per year.
Look into an offset account
This loan facility allows you to have every dollar you have “offset” or reduce your loan total that interest is calculated on. That is the total interest you pay is less meaning more of your principal is paid off reducing the life of your loan.
Home loan health check
Reviewing your home loan is not a difficult thing. One phone call to your mortgage broker and they can let you know if you are still with the best loan product. A Mortgage broker’s job is to know what the different lenders are offering and so are in the best position to offer you advice.
Mortgage choice in Mudgeeraba’s home loan service is at no cost to you – whether you are just starting out or checking in to see if you are still on the right track.
A little planning can go along way to paying off your home loan sooooner.
Give us a call on 5559 2563 or drop in and see us. As your local mortgage broker and home loans specialist, we are conveniently located at Bell central only 5 minutes from Robina Town Centre in Mudgeeraba.