news

Owning property sooner is simple: Broker

By webmaster

There are many strategies available to help investors own their properties more than six years earlier, according to Australia’s largest independently-owned mortgage broker.

Simple techniques can help cut more than half a decade off of the total duration for mortgage repayments, Mortgage Choice spokesperson Belinda Williamson said.

"Well thought-out saving, spending and loan repayment strategy decisions can help put you months or even years closer to living mortgage free,” Ms Williamson said.

Readjusting budgets and finding different ways to streamline repayments top the Mortgage Choice list for investors looking to smartly organise their funds.

Mortgage Choice suggests five simple techniques:

1)      Factor everything, including socializing expenditure and bills, into your budget and refer to it every time you consider another expense.

2)      Cut down on your spending. The cost of a cup of coffee put into your home loan every second day can reduce your loan term by up to two years.

3)      Look closely at your home loan to ensure you are utilizing all the features available to you.

4)      Stick to the same repayment rate even when the interest rate drops. Ignoring a drop of 0.5 per cent (from 7 per cent to 6.5 per cent) can save you four years and $60,000 of interest.

5)      Paying fortnightly instead of monthly will mean the equivalent of 13 monthly repayments a year, saving $103,000 worth of interest and 6.5 years.

“Keep in mind even small financial changes can have a big impact on how much interest you pay over the life of your loan and the length of your loan term,” she said.

Investors are also advised to ensure that they shop around for the best financing situation when initially finding a loan.

Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%
Owning property sooner is simple: Broker
SPI logo