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C&G’s Guide to Paying Off Your Mortgage Faster
Houses and home loans are usually the most important financial investment many of us will make in a lifetime! So when you’re on track to paying back your debts, you want to get it right the first time. In this latest blog, C&G list some useful tips for paying back your mortgage faster.
Make your mortgage a priority
Your mortgage is a huge financial responsibility and you may find yourself making budgeting choices that cater to this priority. Nobody likes to hear it, but it may mean meal prepping instead of eating out or attending less events throughout the year. Sacrificing these small luxuries will result in more money in your savings account and a faster mortgage repayment!
Switch to fortnightly payments
If you’re making monthly payments, you can consider switching to a fortnightly option – perhaps to align with your salary. If you consider a year has 12 months and 26 fortnights, paying every 2 weeks will actually account for an extra month each year, which ultimately pays off in the long run! This will also encourage smarter budgeting and spending habits throughout your normal routine.
Make extra payments when possible
These could be tax returns, inheritances or even work bonuses – they’re lump sum payments that will shave a nice portion off your loan. They can also act as a buffer should interest rates rise in the future. However, this may depend on your lender’s flexibility to accept extra repayments and whether they will charge a fee.
Engage an expert
Chisholm and Gamon are pleased to recommend Aqua Finance as our go-to experts when dealing with financial matters. They offer a personalised service in all monetary matters from assets and vehicles, to commercial and personal finance. With access to hundreds of loan options, they can help you find the most suitable option that aligns with your goals and circumstances.
Likewise, the friendly team at C&G are also here to answer any questions and direct you to the right services. Don’t hesitate to make us your first port of call!