Making your home loan
Do you want to pay your home loan off faster?
Your home loan repayments are likely to be one of your biggest outgoings each month. Paying off your home loan as soon as possible is one of the simplest ways to save money. Particularly in the early years when your interest payments are highest.
From the experts
Income protection insurance provides better value than home loan protection insurance. Income protection insurance provides up to 75% of your salary in the event that you are unable to work and covers all your expenses – not just your loan repayments.
What you need to know
Small changes can make a big difference. There are some easy ways that you can start to pay off your loan faster:
- Changing your payments from monthly to fortnightly or weekly is the equivalent of making 13 monthly repayments a year
- Avoid ‘honeymoon’ loans that revert to a higher rate after the ‘honeymoon’ period is over
- Make additional repayments whenever you can. Extra repayments you make in the early years will have the biggest impact
- Use an offset account to reduce your loan interest
A Financial adviser can help you:
- Put in place strategies to pay off your home loan faster