Sell with Confidence
Read More

Top Tips for Paying Off Your Home Loan

Buyers looking to invest in Morningside real estate will benefit from these easy hints to pay off a home loan quicker.

Put lump sum payments straight into your mortgage account

It's tempting to spend extra money as soon as it comes in, but tax refunds, bonuses and other funds can all be deposited directly into your mortgage account. Doing this can take years of interest off the loan term, and because it's not technically part of your income, you won't even miss it from your bank account.

Increase the frequency of your repayments

Making fortnightly repayments instead of monthly ones could cut more than four years off a 25 year term loan, according to Property Observer. Making more frequent payments will help you build equity on your home and also save on interest payments.

Regularly check the health of your mortgage

Take the time to inspect the state of your mortgage to ensure it is still the best fit for you and your financial condition – what worked for you ten years ago may not be the right option now. If in doubt, talk to an expert.

Following these tips may help you pay off your home loan more quickly and save money, which could make getting your own piece of the property pie easier than ever before.

Up to Date

Latest News

  • The Importance Of Art When Selling A Home

    In the quest of a safe sale, many homeowners make the mistake of stripping away decor and design to leave what was once a lived-in home feeling like four cold, empty façades. A prospective property buyer needs to be able to visualise themselves in a home and find their own … Read more

    Read Full Post

  • 5 Of The Best Before-And-After Kitchen Transformations

    The creative vision of a good designer or builder can be invaluable when you want to make big changes to your kitchen. If you’re faced with an uninspiring layout, you might be surprised at how radically different it could look with a little imagination. Check out these before and after … Read more

    Read Full Post