Top tips for reducing your mortgage term
First off, Andrew recommends starting with a home loan health check to make sure that you’re on the most competitive rate and that your loan product is tailored as best it can be to your needs.
Another effective strategy is switching to weekly or fortnightly repayments. By paying smaller amounts at a more frequent rate, you can end up making an extra payment each year – which is a small change that can shave three to six years off your loan overall and reduce the interest you pay over time.
If you’d like to learn more, get in touch with the property professionals at CPC to get started on reducing your mortgage and saving more in the long run.