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15 Top Tips to pay off your mortgage

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.

  1. Pay the first home loan installment as soon as you settle.
  2. Review your loan at least every two years and ask your broker to negotiate a better rate with good flexibility.
  3. Ensure you use a mortgage offset account for your savings and understand how to use it wisely.
  4. Split your loan - fix a portion and leave the rest as variable to allow more flexibility.
  5. Avoid withdrawing cash from your mortgage account at all cost.
  6. Do not lower your minimum regular payment if interest rates fall.
  7. Set higher repayments.
  8. Make lump sum repayments or regular mini lump sum repayments.
  9. Pay your loan fortnightly rather than monthly (fortnightly repayment should be at least 50% of the scheduled monthly repayment).
  10. Set a budget and reduce any unnecessary spending.
  11. Pay loan fees up front.
  12. Align your repayments with your income cycle.
  13. Make extra payments as often as you can - preferably set up an auto payment to do this.
  14. Talk to us about loans that offer features without a charge.
  15. Check your loan fees and negotiate where possible.

And lastly, call the office to speak with us!

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This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.


About the Author

James commenced Mortgage Brokering in 2009 and launched the Mortgage Broker business "Your Home Loan Consultant" in February 2012. With over 10 years of experience in the finance industry, our team in Brisbane are here to assist you. We pride ourselves on transparency and communication, and no matter what you need – we are never more than a phone call away. Your Home Loan Consultant is a full-service Mortgage Brokerage. Assisting first home buyers to get into their own home and then with the correct guidance show them how to create wealth through property investing.

James Sylvester

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