Welcome to Top Tips Tuesday!
Are you looking for ways to pay your mortgage off faster? Then you’ve come to the right place!
Today I am going to share with you the best tips on how to pay your home loan off faster.
It’s a great time of year to reflect on your goals for the upcoming 12 months and hopefully one of those is to be debt-free.
Top three steps to pay your mortgage off faster!
1. Make fortnightly repayments
By making mortgage payments fortnightly rather than monthly, you can reduce the amount of interest you pay and pay off the home loan faster.
Changing the repayments from monthly to fortnightly can save you, on average, around five years off the loan term.
2. Ask the lender for a reduced interest rate
You can ask your bank or lender for a discount on your interest rate.
It’s a very competitive market, so you have nothing to loose by asking the questions.
Before contacting your lender do your research and have a rate that’s quoted from another lender on a very similar lending scenario that you can always go back to.
3. Increase your payment amount
You can increase the payment amount, round up to the next hundred dollars per month or fortnightly.
You can use a bonus from your employer or downsize and turn your possessions into cash to put in an offset account.
These tips will put you on the right track to achieving financial security. Remember to speak to your broker or lender and take action today!
Thanks for tuning in to Top Tips Tuesday and I look forward to seeing you next Tuesday.
If you would like to discuss your property options further click here to book a time in my calendar.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
