Four ways to save thousands off your mortgage
RAMS Chief Executive, Melos Sulicich said many home buyers believe paying off the mortgage sooner rather than later is an unrealistic goal. RAMS recommends considering these simple tips to help pay your mortgage faster:
1. Make fortnightly instead of monthly loan repayments.
2. Saving money in small ways and making extra lump sum repayments can help to pay off your loan faster.
3. If all your salary is deposited into an offset account, any funds you leave in the account work harder for you because your savings are offset against your home loan to reduce the interest you pay.
4. New home loan seekers should keep a look out for promotional offers such as no application fees. This could save hundreds of dollars.