|Amount Borrowed||Mortgage Term||Interest Rate||Interest Paid|
A shorter term means your weekly or fornightly payments will increase, so always consult your budget to see if this is a viable option for you. A little extra above what is required, won't seem a lot on a week to week basis, but over decades will result in big savings.
We all love a good bonus at work, or maybe it's tax time and the return is good? Whatever the reasons, keeping as much monies in the Mortgage account as possible reduces the interest paid. For example:
Jenny puts her fortnightly wage into her home loan. She only transfers out of the home loan when she needs to. This way, Jenny ensures she pays as little as possible in interest.
**IMPORTANT** - Check with your Mortgage Broker & Lender to ensure your home loan account, when in credit, can be withdrawn from without fees.
* Disclaimer: Any figures quoted are an approximation and should be treated as a guide. Harcourts Sheppard takes no responsibility for any results from this information. For an indepth financial health check, contact our very skilled in-house broker Ben Truong on 0402 688 886.