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When turning your property dreams into reality, you are focused on the excitement of becoming a homeowner, repayments and knowing how to pay off your mortgage tends to go to the back of mind. While repaying your mortgage eventually has to get done, there are multiple ways to make your money to work for you and to pay off your loan faster.

One of the simplest methods is to set aside as little as $50 a week to add on top of your regular repayments. It can make a massive difference in your mortgage over its lifetime and save you thousands on interest. With recent changes and cuts to variable loan rates, you can choose to add more than $50 a week towards your mortgage repayments effectively saving you even more and shorting your loan by several years.

Home Loan

$500,000

$500,000

Interest Rate

4.5%

4.5%

Weekly Repayments

$584

$634

Additional Repayments

$0

$50

Accumulated savings

$70,851

Alternatively, you could potentially save $112,112.00 over the lifespan of your loan by refinancing.

No two home loan customers are the same, nor are the home loans. Use our mortgage repayment calculator to see how much you can save off your loan. Alternatively, get in touch with our mortgage brokers to come up with the best solution to suit your goals, needs, and circumstances before deciding to make extra repayments. Set up a free consultation with one of our mortgage brokers who will give you the best industry advice.

If you want to know other ways to save on your mortgage repayments, check out our blogs on refinancing or download our free 7 Steps To Refinancing guide.

Source: yourmortgage.com.au

7 Steps To Refinancing Guide

Interest rates are constantly changing and if your wanting to potentially save thousands on your home loan, refinancing is your best option.