Below are a few practical, easy methods for you to save cash on your own mortgage interest expenses, and spend your loan off faster.

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Create your loan repayments fortnightly in place of month-to-month

In the event that you currently make month-to-month repayments in your loan, you might pay half that amount each fortnight rather, meaning you will be making two additional repayments each year ??“ this decreases the total amount your debt and you??™ll pay less interest in your home loan too.

On the basis of the example above, on a $250,000 mortgage loan at 4% p.a. for an initial term of three decades, having to pay half your minimal repayment that is monthly fortnight will save you over $28,000 in interest expenses and you??™d pay back your loan 4 years and 2 months earlier in the day.

Boost your regular loan repayments

Every bit that is little. For those who have any extra cash to place to your loan repayments, also a little bit can knock years off your house loan and help you save 1000s of dollars. Read the rest of this entry »