To reduce your mortgage repayments
Before taking action on any of the below ‘Top 15 Ways’, we recommend you speak with a finance specialist.
Call "Your Home Loan Consultant" for more information on any of these 15 suggestions.
- Pay the first home loan installment as soon as you settle.
- Review your loan at least every two years and ask your broker to negotiate a better rate with good flexibility.
- Ensure you use a mortgage offset account for your savings and understand how to use it wisely.
- Split your loan - fix a portion and leave the rest as variable to allow more flexibility.
- Avoid withdrawing cash from your mortgage account at all cost.
- Do not lower your minimum regular payment if interest rates fall.
- Set higher repayments.
- Make lump sum repayments or regular mini lump sum repayments.
- Pay your loan fortnightly rather than monthly (fortnightly repayment should be at least 50% of the scheduled monthly repayment).
- Set a budget and reduce any unnecessary spending.
- Pay loan fees up front.
- Align your repayments with your income cycle.
- Make extra payments as often as you can - preferably set up an auto payment to do this.
- Talk to us about loans that offer features without a charge.
- Check your loan fees and negotiate where possible.
