How to Save on Your Mortgage or Repay It Earlier

There would always be a lot of considerations that need to be pondered by first home buyers direct from Perth companies offering residential property loans. You may have been given several options on how your mortgage will work and how you can repay it. Sure, you can stick to the standard or minimum requirements and pay it off on time (in 30 years, perhaps), but you can finish the repayment more quickly, which can give you financial freedom earlier as well.
Here are some strategies you ought to explore:

·       Aside from saving up for a deposit, save up for the upfront fees of mortgage application so you don’t incur interest or late payment penalties on them.

·     Take mortgage repayment holidays only when you can’t afford letting it pass (e.g. during emergency financial losses like when you get hospitalised or any other time you need to pay for an expensive bill), since your interests still mount up even if you don’t get extra charges.

·      Pay every week or every fortnight instead of sticking to a monthly scheme, especially if you get your income on a weekly or fortnightly basis.

·       Pay more than the minimum repayment amount or allot some of your yearly bonuses or tax refunds to your mortgage repayment if you can.

·       Maintain a savings account that can offset your interest payables, and check with your lender how to have this setup and how much savings you can expect.

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