3 Tips on how to pay off your loan faster
Families looking for advice on how they can reduce the total interest charged on their home loan.
So here was the couple of tips and advice I provided to this particular family after analysing their financial situation to help them reduce the total interest on their home loan:
1. Pay extra off your loan – If at all possible, look to increase your repayments. Even if it is as little as $50 per month it will end up making a significant difference in years to come.
2. Use an offset account – An offset account linked to your home loan account acts as a savings account that can substantially reduce the interest accumulated on your loan.
3. Refinance – A free debt review will compare your current loan against a wide range of offers from other lenders and could potentially save you thousands per year.
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Sally Pietersz is a Mortgage Broker and CPA Accountant affiliated with Rands Tax Solutions Line – Tax Agent Registration number 2539 5774
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