With the average Australian paying back double what they borrow, the true cost of your mortgage may not be what it seems. With the right advice, you could save years off your home loan; meaning less paid to the bank and more to spend on the things you really want.
Owning your own home is a huge part of the great Australian dream. The 30-year mortgage that comes with it, less so. Whether you're a seasoned homeowner, investor or first-time home buyer, the prospect of repaying a mortgage is a large, long-term commitment.
But what if the term of your mortgage could be reduced by 5, 10, 15 or even 20 years?
Many Australians' unfortunately don't even know that it is possible to reduce home loans and mortgage payments. In the busyness of life, many people never question things, and simply accept any interest rates that their bank has supplied. However, with the right mortgage broker, you could modify your home loan arrangement, saving you thousands of dollars in interest, and years off your term.
If you'd like an estimate on how much you can save on your home loan, simply click the link below:
If you're looking to negotiate a discount on your loan, you're going to need a great mortgage broker on your side. If you're thinking about refinancing, it's always a good idea to compare mortgage rates from other banks to gauge the general market rates. Regardless of whether you engage a broker, or manage things yourself, by having a base-level understanding of your target rates, you position yourself to make an educated and informed decision.
From here, the right broker will help you to find a suitable rate and aim to secure a discount with your bank. If you're looking to reduce home loans rates, it can be a good idea to continue payments on your original amount, if you can afford it. This will help you pay off your loan faster, in turn, reducing your loan term and saving you thousands in the process.
So, you're wanting to reduce your mortgage but aren’t sure where to start? Getting your mortgage wrong can be a mistake you pay back for years, so it's important to have the right information, guidance and advice. Banks can be difficult to approach, especially if you aren't fully prepared with your re-negotiation. Unless you're fully-confident and comfortable in your ability to get the right deal, we strongly recommend engaging a broker to work with you - and ensure you get the best deal, whilst protecting you from any unforseen issues.
At Chase Edwards, our goal is to help facilitate home loan reductions on your behalf. Our experienced and professional team work daily to reduce home loans, and know all the ins-and-outs to getting you the best deal. If you'd like to discuss your mortgage, or book a free 60-minute consultation with a Chase Edwards team member, simply click the link below.
Thank you Chase Edwards for helping me secure my financial future...my Mortgage is now reducing...I have saved tax and the process was very easy..The professional staff were fantastic. .highly recommend that people should seriously make the appointment for the consultant to come to your house..it will be the best thing you can do for yourself Jo.
If you're going to reduce your home loan, it's important to understand your interest rate and know what this means for you. To get a clearer grasp of your repayments, interest and potential savings - a mortgage calculator can be a great place to start. Unsurprisingly, mortgages and home loans form a staggeringly large portion of Australian debt. If you fail to shop around, you'll likely end up paying back more than you paid for your property!
It may sound crazy, but without proper planning you'll likely pay over double what you originally borrowed in the first place.Contrasting the interest rate difference between borrowing for your mortgage (3.5%*) and your savings (0.25%*) makes things even more confusing.
Home loan reduction can be complicated, but with the right help and expertise, you can have this rate renegotiated and lowered. Having a mortgage rate tailored to your circumstances will have a massive impact over the long run.
A home loan is the #1 financial burden for Australian residents. Aside from taking a large portion of the weekly budget, a looming mortgage can also cause a lot of stress and anxiety for home owners. So how can you pay it off sooner? Potential options include:
While some of these suggestions may not be suitable for your situation, there's almost always a realistic way to pay your mortgage off quicker. If you'd like to get specific-expert advice on reducing your mortgage term, you can get in touch with us through the link below.
It probably goes without saying, but paying off a mortgage is a great achievement. You're no longer a slave to renting, repayments and interest - instead, you are a proud home owner, with equity and a place to call home. With the major financial burden taken care of, you'll likely have a lot more freedom and choice with your spending. Whether you're looking to:
Paying off your home loan goes a long way towards a better lifestyle. While your final repayment may seem like a lifetime away, you could achieve this sooner than you think. To find out how much quicker you could pay off your home loan, simply click the link below, fill out your details and you'll be put in touch with a mortgage reduction specialist.
Whether you've owned homes before, are a seasoned investor or a first home buyer - it never hurts to get a second opinion on your mortgage. At Chase Edwards, we have financial strategists, financial planners and mortgage brokers, all under the same roof and at your disposal.
What does this mean for you?
It means that you have an experienced team of financial professionals, working together, to save you thousands of dollars and years off your mortgage. To speak with a mortgage expert, or book a free 60-minute consultation, simply click the link below or call 1300 854 833.