MANAGING YOUR HOME LOAN
Do you want to pay your home loan off faster?
BYour home loan repayments are likely to be one of your biggest outgoings each month. Paying off your home loan as soon as possible is one of the simplest ways to save money. Particularly in the early years when your interest payments are highest.
Income protection insurance provides better value than home loan protection insurance. Income protection insurance provides up to 75% of your salary in the event that you are unable to work and covers all your expenses - not just your loan repayments.
Small changes can make a big difference. There are some easy ways that you can start to pay off your loan faster:
- Changing your payments from monthly to fortnightly or weekly is the equivalent of making 13 monthly repayments a year
- Avoid 'honeymoon' loans that revert to a higher rate after the 'honeymoon' period is over
- Make additional repayments whenever you can. Extra repayments you make in the early years will have the biggest impact
- Use an offset account to reduce your loan interest if it is available as part of your loan facility
A Count adviser can help you:
- Put in place strategies to pay off your home loan faster
RMDP Pty Ltd t/as 360FG Financial Services is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange.
The information on this web page is not financial product advice and is provided for information only.
