Here are two tips to help you reduce your mortgage costs and by doing so get closer to owning the entire home you live in.
PAY FORTNIGHTLY
Paying fortnightly instead of monthly is a very smart and very simple way to carve a decent sized hole in your mortgage costs. The mathematics are pretty straight forward; As we
all know, a month is two fortnights, give or take a bit. But there aren’t 24 fortnights a year; there
are 26. Paying half your monthly repayment every fortnight means, in effect, you will make
an extra month’s repayment each year. You probably won’t even notice.
Looking at an average sized mortgage of $200,000 over 25 years at 7.5%. The monthly repayment is $1478, and the total interest bill will be $243,400. If you pay half the monthly repayment
each fortnight, the term drops to around 21 years and you save nearly $54,515 in interest.
KEEP YOUR REPAYMENTS AS HIGH AS YOU CAN, EVEN WHEN RATES DROP
When floating interest rates change, the lender will adjust your monthly repayment to reflect To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
the lower cost of interest and to ensure the loan term remains the same. If the rate goes
