Save $60k and years on your home loan
HISTORICALLY low interest rates have saved mortgage holders thousands, but some simple tweaks can boost those savings further.
Changing repayments from monthly to fortnightly is one example, explains Mortgage Choice CEO John Flavell.
“Say you have a 30-year loan of $500,000 with an interest rate of 4 per cent. Your minimum monthly repayment would be approximately $2387,” Mr Flavell said. “If you pay fortnightly and divide your monthly repayment in half$1194 per fortnight- you could save $56,643 (in total).”
Making even minimal extra repayments boosts long term