Paying off a mortgage can seem relentless – every payment counts of course, but it can seem to be taking forever to make a dent. Here are some simple ways you can increase the amount you pay off and own your home sooner.
The Reserve Bank of Australia has announced the outcome of its monthly board meeting.
The official cash rate was left at a record-low for the 12th consecutive month, as most experts had forecast.
When was the last time your lender came to you and offered to reduce the interest rate on your Home Loan?
Probably never I’m guessing. I have been waiting over 30 years and no change to their practices is likely in my lifetime!
That depends on who ‘you’ are.
When you take out a mortgage or home loan, you can choose to have an interest rate that is fixed, variable, or split (a combination of the two). There is no right or wrong option – it all depends on your circumstances.
Whenever it makes financial sense to do so!
Heard about mortgage refinancing? In the past, most people who took out a mortgage doggedly continued with it until they had paid it off. These days, people refinance their mortgage much more frequently.
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Only as much as you can comfortably repay!
Most banks and brokers, including us, have an online home loan calculator that give you a rough answer to the question, “How much can I borrow?”. Working out how much you should borrow can be a little more difficult.
Young couple Sam and Kate were keen to start paying off their own home rather than paying rent, but had no savings. Here’s how they bought their first property.