When it comes to your home loan, it’s sometimes easy to feel out of control.
But understanding exactly what you’re paying and when you’re paying it is the first step to taking control of your home loan.
As a first step, you should do a simple review and answer some basic questions – your lender can help you if you don’t know the answers.
- What interest rate applies to my loan?
- What is the minimum amount I need to repay every month?
- Can I make extra repayments to pay off my home loan more quickly?
- Can I change the regularity of my repayments?
- How much am I repaying – just the interest or the principal plus interest?
- What extra features does my home loan offer? For example, can I redraw the funds I’ve already paid if I need cash?
Once you know the ins and outs of your current home loan, you’ll be in a much better position to start looking at ways to pay off your home loan sooner.
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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.
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