At AIM Financial Services we show our clients a variety of ways of repaying the loan quickly to save as much money as possible over the life of the loan.
Most lenders offer a maximum loan term of 30 years. This means that you can take 30 years to repay the loan, however you are able to repay more rapidly if you wish to. Your mortgage is likely to be the biggest debt you will ever have and most of us would like to repay that debt as quickly as possible. It doesn’t take much in the way of additional payments to make real savings over the life of your mortgage.
Consider this: an extra $50pw payment on a $400,000 mortgage would save you over $100,000 in interest costs!
There are number of ways to increase your mortgage repayment. Here are some suggestions:
- Use Revolving Credit accounts to maximize your interest savings and repayments
- Increase your monthly mortgage payment
- Make lump sum repayments
- When interest rates go down, keep your payments at the same level
- Pay fortnightly instead of monthly
- Draw up a budget and monitor that regularly – find out what you’re wasting money on, and pay it against the mortgage
- Prepay the first monthly payment
Contact us now to review your mortgage and let us help you to repay your loan more quickly – you could save thousands of dollars!
To find out what savings you could make, feel free to use our Mortgage Repayment Calculator.