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Tackle personal loan debt before mortgage

04/01/2012

Reviewing your mortgage is important to securing a brighter financial future. However personal loans and car loans are likely to be slugging you higher interest rates, so focus on them before tackling your mortgage.

While the mortgage is the biggest debt for most homeowners, it's also likely to have the lowest interest rate, says Gemma Dale, head of technical services at MLC. She recommends looking around for the best rates, but not swapping too often. You also need to find a provider that will allow you to pay more than the minimum. Check mortgage calculators to gauge the huge impact of extra repayments over the life of your loan.

Source: The Age



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