Here are a few practical, easy methods for you to spend less on your mortgage loan interest expenses, and spend your loan off faster.
- Find your branch that is nearest
- Find A cellphone Mortgage Manager
Create your loan repayments fortnightly rather than month-to-month
You could pay half that amount each fortnight instead, meaning you make two extra repayments per year вЂ“ this reduces the amount you owe and youвЂ™ll pay less interest on your mortgage too if you currently make monthly repayments on your loan.
On the basis of the instance above, for a $250,000 mortgage loan at 4% p.a. for the initial term of three decades, having to pay half your minimal repayment that is monthly fortnight can save you over $28,000 in interest expenses and youвЂ™d pay back your loan 4 years and 2 months earlier in the day.Read More