• Twitter
  • Facebook
Bunbury Real Estate
  • Home
  • Free Appraisals
    • Australind
    • Free Appraisal – Eaton
    • Bunbury
    • Dalyellup
    • Busselton
    • Capel
  • About Us
  • Rental Properties
    • Apartments
  • Buying or Selling
  • Property Management
  • Blog
  • Contact Us
  • Search
  • Menu Menu
Blog

Pay Your Mortgage down Fast with These Simple Tips

February 8, 2016/in Budget, Loans & Deposits, Mortgage /by admin

Having a mortgage is not as big a jump as you think. If you are paying rent you are helping somebody else pay a mortgage off so if you are in a position where you can get together a decent deposit and have a good financial rating then why not consider buying your own home?

Bunbury Real Estate have put together some simple tips to help you get the ball rolling on getting that mortgage down. It has been done. Some dedicated souls have been able to pay their mortgages off in less than five years! This would mean that you don’t have to pay a mortgage or rent ever again!

Select the Right Lender

There is a plethora of lenders in the market today. When selecting the right one you must consider what they are offering. Some would think that choosing a lender with an introductory low interest rate for the first six or twelve months is attractive. Make sure you read the fine print to make sure you can afford their rates once this period is over. Don’t be afraid of the little guy lender. Sometimes their deals are better than the big banks.

Split It

Interest rates can be discussed until you are blue in the face in regard to if they are going to go up or down. Sometimes the best thing you can do to protect yourself is to split the mortgage and have a percentage of it fixed and the balance variable. This is so that you can relax knowing that should the rates increase your loan will only increase by the amount of the variable percentage and not the entire sum.

Pay Fortnightly

This little secret has actually been out there for a while now but it is a fact and not a myth. Paying off your loan in fortnightly installments can greatly reduce the amount of interest paid over the life term of the mortgage.

Save Your Loose Change

This is a quick easy way to get some cash together. Simply add your gold coins to a tub, money box or dish somewhere and keep adding to it. Some people have been able to save $4,000 or more in a twelve month period. That is a nice little saver off your mortgage.

Lump Sum Payments

This is another great way to reduce the level of debt. Any lump sum payments you receive, such a tax returns or child care rebates, can be put straight into the mortgage.

Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on LinkedIn
  • Share on Tumblr
  • Share on Vk
  • Share on Reddit
  • Share by Mail

Are you moving home?

free checklist

Select a Property Manager

property manager

Get Your Free Appraisal

download free appraisal

Want to know how much your property would rent or sell for?

free appraisal

Why Choose Us?

click here

Latest News

  • A Perfect Plan for Moving Day
  • Is Buying an Apartment That Has Not Been Built a Good Idea?
  • What is the Best Name for a Dwelling? Home, of Course!
  • To Rent or Buy – That is the Question
  • Can’t Decide Whether to Rent or Buy? Try the Rational Approach

Contact Us

Ray White Bunbury Real Estate
1/24 Stirling St
Bunbury WA 6230 Australia
08 9780 0707

Recent Posts

  • A Perfect Plan for Moving Day
  • Is Buying an Apartment That Has Not Been Built a Good Idea?
  • What is the Best Name for a Dwelling? Home, of Course!

Sitemap

Sitemap
Privacy Policy
News
© Copyright - Bunbury Real Estate - Web Design by Online Specialists
Are You A Renter Or An Owner? Buying? Selling? Or Both?
Scroll to top