Mortgage Broker Perth
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Pay off your Perth mortgage faster.

Many people want to know if they can pay off their home loan faster and how to go about it.  Although there is no quick fix, there are many strategies that can save you money and help to repay the loan quicker.  A Perth mortgage broker can offer some advice on the best strategies.

The most effective ways include:
  • Making higher repayments than the required amount
  • Making payments more often
  • Securing a lower interest rate and only paying for the feature that you use.
Making higher repayments
This is simple common sense.  By making payments greater than the required amount you will pay off the balance sooner as well as reducing the amount of interest due each month.  If your loan allows you to make extra repayments then do it!  At the beginning of the loan, you are mainly paying interest, and not principle.  By paying more than the required amount you can reduce the interest due.  Usually interest is calculated daily and then charged monthly.  If you have extra funds to pay into your home loan this can save you considerable money.

Making payments more often
Pay your home loan more frequently than once a month.  Many loan structures allow you to pay weekly or fortnightly.  As interest is calculated daily, you save interest by paying this way because you are reducing the loan balance more frequently.  Instead of 12 annual payments, you may make 13 repayments each year, and this can save some people up to eight years of the loan term.

Secure a lower interest rate
Finding a cheaper interest rate reduces your mortgage considerably. Interest is a large percentage of the total amount that you pay back on the loan so try to get the lowest rate possible.  Be aware, however, loans that allow you to make early or extra repayments without occurring a fee, may have a slightly higher interest rate than a standard loan.  It is for this reason that it pays to shop around and consider what features you really need and how much flexibility you want from your home loan.

Interest Rates are coming down.

With interest rates coming down, now is the time to speak to a mortgage broker. We know which banks are dropping rates and who is raising.
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Consider all the lenders, big or small
There are many lenders other than just the big banks.  Smaller lender may be able to offer lower rates as they try to stay competitive.  Just because the banks are big and service many customers, does not mean they have the best products.  Mortgage brokers have knowledge of all the lenders, big and small and sometimes considering an independent lender can offer you great benefits.  What is important is whether the loan is right for you and that the lender is reliable, so consider as many lenders as possible.

Introductory fees and ‘honeymoon’ periods
Many home loans come with low introductory rates and ‘honeymoon’ periods.  The low rate may seem very tempting and these can save you money in the beginning.  But be careful of the short-loved savings and make sure you weigh up the benefits versus the interest rate you will be charged once the loan reverts to its usual rate.  During the introductory period you would not be able to make additional payments so think carefully before taking out one of these loans.

Check the loans ‘comparison rate’ which all lenders must disclose.  The comparison rate takes into account all the fees and charges and wraps up the total annual cost to a borrower on the loan.

The single most important thing you can do pay off your home loan faster is to stay informed.  Keep in contact with your mortgage broker as they can advise you of any new products in the market and assist you in choosing how best to deal with any changes in your personal finances. 

Call Your Local Finance on to talk more about your options.





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