Extra Repayments on Your Home Loan - Helping You Get Debt-Free Faster
When you’re working towards paying off a home loan, making that little bit of extra effort can go a long way to earning you massive savings.
For example, when you’re initially trying to secure a home loan, any extra savings you can put towards the deposit will tip the terms of agreement more towards your favour .
Higher deposits can help you negotiate better interest rates, which means a potentially more pleasant and personally adjusted repayment period overall - and getting you that much closer to being debt-free.
Once you have started paying off your mortgage, making extra repayments can help you save big. Those extra payments will reduce the amount of principal owed on your home loan - thereby bringing down your overall interest.
While it isn’t always financially possible to carry out excess payments each week, it is worth making the effort whenever possible - such as tax returns or bonuses - to help get you debt-free faster.
Making extra repayments when possible rather than just the continued regular payments could end up saving you thousands of dollars.
By using an online mortgage repayment calculator, you may be able to calculate your savings - the results may surprise you.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.