Paying off your mortgage sooner doesn’t always require drastic lifestyle changes. Here are five simple strategies that can make a big difference over time: 1. Switch to Fortnightly Repayments By paying half your monthly repayment every two weeks, you effectively make an extra repayment each year. 2. Use Your Offset Account Keeping savings in your …
Interest rates are one of the biggest factors affecting your home loan—but they can also be confusing. Fixed vs Variable Rates Variable rates can move up or down depending on market conditions Fixed rates lock in your repayments for a set period Each option has its pros and cons depending on your goals and risk …
Congratulations—your loan has settled and your property is officially yours! While it’s an exciting milestone, many homeowners aren’t quite sure what happens next. Here’s what to expect in your first 90 days: 1. Your First Repayment Your lender will notify you of your repayment schedule shortly after settlement. Make sure: Your direct debit is set …
Interest rate rises don’t just affect repayments—they also impact how much you can borrow. Why borrowing power changes Lenders assess your ability to repay a loan using a buffer rate above the actual interest rate. As rates rise, this buffer increases, reducing the amount you may be eligible to borrow. What this means for buyers …
