Is Your Mortgage Working For You?
If you have been living with a home loan for a while, how are things going?
It’s a good idea to review your mortgage every year or two to make sure that your home loan terms and repayment levels are working for you.
This can be an especially good idea if, for instance, you start a new job and your income changes.
Perhaps you can now afford to boost your repayments. Even a small increase in your monthly mortgage payment could lead to you being mortgage-free months earlier than you had originally planned.
This can save you thousands on interest, so it is worth investigating!
Similarly, if you receive a large one-off payment - a bonus or inheritance, for example - you could use this to make a lump sum repayment on your loan.
Not all loans will allow this, but if yours does, it could be a great idea to help pay your loan off sooner.
A mortgage repayment calculator can show you how adjusting your regular home loan payment or making a lump sum repayment can help you pay your home loan off faster.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.