Quay Credit Union

How to pay off your home loan sooner

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How to pay off your home loan sooner

Work, family, friends… life is such a joy but it all takes up time and for most of us, we travel through each day and suddenly find another year has flown past.

During that time, we’ve been paying our home loan and other financial commitments on auto pilot. Even though it takes time, it’s worthwhile doing a review of your home loan at least once a year to see how you can reduce your mortgage costs.

Have you heard of the ‘lazy tax’? It’s a term that refers to paying more than you should on things like home loans, personal loans and insurance. You end up paying more because you don’t take the time to review them – in other words, being lazy has a price.

And, given home loans are usually our biggest expense every month, it can really pay to set the time aside and investigate how you can cut your home loan costs. Here are a few ideas to get you started:

Whichever you choose, you’ll find paying off a bit more or reducing the length of your loan will help to cut down its cost. If you’re interested in refinancing or talking to us about how you can reduce the cost of your home loan, get in touch.

 

  Important Information

The information on this page is of a general nature and is not intended to be a substitute for personal advice. This information has been produced without taking into account your personal financial circumstances, objectives or needs. You should consider the appropriateness of the information to your financial situation and seek personal advice before acting on any of this information. Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305.

 

Article published July 2017