Make a bigger dent in your mortgage in 2016

January 18, 2016
Lexie Wilkins

Happy New Year! Is paying more off your home loan a goal for you this year? If not it should be! Here’s a few quick tips to help you get started.

  • Pay a little extra off at each payment. Did you know that even an extra $30 each time can make a difference to the overall time it will take to pay off your loan completely? Lump sum payments (for example say your tax return), can achieve the same thing!
  • Pay weekly, fortnightly and not monthly. Most home loans are worked out on a monthly basis so paying fortnightly or weekly can mean that you effectively make an extra payment a year.
  • Leverage a 100% offset account. An offset account reduces the interest payable on your mortgage by the amount held in the account. So for example, if you have an offset account with $50 000 in it and a mortgage of $300 000, your interest owing on the mortgage will only be calculated on $250 000.
  •  Find a better home loan. The lenders are becoming more and more competitive and its important you find the right home loan with the lowest fees and best features to suit your circumstances.

As your expert Broker, its our job to find the best home loan for you – There may be a better loan out there for you right now! Call Mark on 92871030 and he will meet with you to find the home loan that is best for you. Importantly there is no cost for our home loan service at Mortgage Choice.

Posted in: Tips

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