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Tips to saving money on your mortgage - Gold Coast - Brisbane

Tips to saving money on your mortgage

Once you’ve dutifully saved up your deposit and bought a home, there is a little thing called the mortgage that needs to be repaid before you can say you own your own home.

As we know, banks lend us their money to complete the house purchase so we spend many years, sometimes up to as long as 30 years, repaying the debt to them.

Nexhome Finance, the leading mortgage broking and home loan company on the Gold Coast, offer some tips here for our readers on how you can save money on your mortgage and take years off your home loan.

Take advantage of 100% offset accounts

Some home loans offer a 100% offset account. These accounts don’t earn interest but in turn whatever balance is in the offset account, means that amount is not attracting any interest on your mortgage.

For example, if your home loan if $350,000 and you have $10,000 in the 100% offset account, it means only $340,000 of your home loan balance is attracting interest.  The first $10,000 of your home loan is interest free.

Deposit any extra funds

Deposit any extra money directly into your mortgage.  Any little bits and pieces can go a long way to effectively reducing the amount you need to back over the longer term.

Be sure you are fully aware of your mortgages terms and conditions before you deposit any large sums, as you may not be able to withdraw it.

Pay your mortgage weekly or fortnightly

By paying your mortgage payments weekly or fortnightly instead of monthly on your principle and interest loan, you are slowly but surely reducing the amount of interest you need to eventually pay back over the loan term.

Check your statements for discrepancies

Banks can make errors so it pays to check your home loan statements, particularly if you have had an interest rate change, to be sure the new interest rate is applicable on the correct date.

Shop around for best home loan rates

What home loan worked for you when you first bought your home, may no longer work for your current situation so shop around to make sure you have the best deal available. Be sure you only pay for features you will use in your home loan as well.

Whatever home loan you currently have, Nexhome Finance can help you to make sure you have the most cost effective home loan for your current situation.

We service both Brisbane and the Gold Coast to assist homeowners live the dream of owning their own home sooner.

Our property and finance experts cover the whole gamut from organising your first home loan, to refinancing to property sourcing.

We have access to over 30 quality lenders and we offer a no obligation, free personalised service and finance consultation at a time that suits you!

So, call Nexhome Finance today on 0412 525 706, take advantage of the free consultation and let us show you how you can save $$$ off your mortgage!