There would always be a lot of considerations
that need to be pondered by first home buyers direct from Perth companies
offering residential property loans. You may have been given several options on
how your mortgage will work and how you can repay it. Sure, you can stick to
the standard or minimum requirements and pay it off on time (in 30 years,
perhaps), but you can finish the repayment more quickly, which can give you financial
freedom earlier as well.
Here are some strategies you ought to explore:
· Aside from saving up for a
deposit, save up for the upfront fees of mortgage application so you don’t incur
interest or late payment penalties on them.
· Take mortgage repayment
holidays only when you can’t afford letting it pass (e.g. during emergency
financial losses like when you get hospitalised or any other time you need to
pay for an expensive bill), since your interests still mount up even if you
don’t get extra charges.
· Pay every week or every fortnight
instead of sticking to a monthly scheme, especially if you get your income on a
weekly or fortnightly basis.
· Pay more than the minimum
repayment amount or allot some of your yearly bonuses or tax refunds to your
mortgage repayment if you can.
· Maintain a savings account
that can offset your interest payables, and check with your lender how to have
this setup and how much savings you can expect.
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