Our tips for getting ahead on your mortgage repayments

Most Australians dream of owning their own home and finalising their mortgage repayments and in the current market, being debt-free and paying off your mortgage is achievable if you follow these few tips:

1. Make your repayments more frequent.

Now that interest rates are at a record low, it means you can pay off your loan much quicker. By making repayments to a principal and interest home loan either weekly or fortnightly, you will pay off your loan sooner as you are reducing your balance more frequently.

2Use your equity to your advantage.

If you have already built considerable equity in your home, then you are in a great position to negotiate your mortgage. Speak to one of our brokers about how you can negotiate with your lender based on your equity position. Chances are that your lender won’t want to lose you and you can negotiate a better deal with a lower interest rate.

3. Choose the right loan for you.

One of the biggest contributing factors to getting ahead on your mortgage repayments is having the right home loan in place that suits your personal and financial situation. It is important to not only find the right home loan to begin with, but to also review your home loan regularly to ensure that it still suits your needs at that current time.

Before you take out a loan or when you’re considering switching to a different product, you should speak to a broker first. They will recommend products based on how well they match your personal circumstances and your unique needs and preferences.

Making higher and more frequent repayments, focusing on the principal sooner and choosing the right loan for you are all contributing factors for getting ahead on your mortgage. If you would like to review your home loan to see if you could get ahead in your repayments or simply want to review your current home loan, speak to one of our brokers today and look forward to financial peace of mind.

Written by Cale Walsh.