Making Extra Repayments On Your Home Loan Can Help To Save You Money
A common dream among Australians is that of owning property someday. In order to reach this goal, the best preparation you can do is to thoroughly research your way to the best real estate deal possible.
Making use of a variety of online home loan calculators can help you figure out a variety of different factors contributing to your home loan – including your initial borrowing capacity, potential interest rates for your loan and how much your monthly loan repayment obligations will be.
Most mortgages last between 15 and 25 years; however, if you’re interested in making extra repayments alongside your monthly amounts, you could potentially shave years off your mortgage and save yourself thousands of dollars in interest.
Those extra payments will reduce the amount of principal owing on your home loan – thus bringing down your overall interest.
Making extra repayments every week isn’t always possible, but it may be worth putting some thought towards making them when you can. For example, if you get a raise or bonus at work, think about putting some of that money towards a lump sum loan repayment.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.