Are you ready to pay of your home loan quickly? Do you know that it is possible to pay off your home loan / mortgage in less than 10 years! Yes that’s true. This is not a misprint or typo mistake, you can actually pay off your home loan really quickly and all you have to do is follow the advice and mortgage buster tips set out by the team at Compare Home Loans Now.
This article will outline the steps you should take in order to eliminate that really bad financial burden; your home loan. Just imagine the financial freedom you will feel without having the monthly stress of this coming out of your bank account. Think of all those wonderful holidays and family trips you could take. Well, it’s all very possible and totally do-able. Read on….
Tip # 1: Ignoring the fact that you can actually pay off the mortgage faster if you have some extra money. Any extra funds you have should be put into paying the principle off. This will slowly if you do this diligently reduce your monthly interest charges which in turn can be used to pay off your debt. Once you start this and once you see how effective this can be you will really look at ways to start pumping money into paying off the debt. You will see your interest charges reduce month after month which is really very motivating. The difference in say paying an extra $100 off you debt extra each week will be huge over a 5 to 10 year period.
What ever you do please do not ignore this fact. Any extra cash quickly put it on the home loan. If you are lazy about this and prefer to spend the extra money on clothing or holidays, that’s totally fine BUT if you want, in the long term to be financially free and out of the shackles of a mortgage you better take our advice with this.
I would even go so far as to say ( and I know a lot of people are going to not want to do this) but stop buying that coffee in the morning for $3 or $4. Over a week that’s roughly $20 and over the year that’s $1000 which could go on your mortgage. If you think about this over 10 years that’s an extra $10 000 you could put on your mortgage. Add take away lunches at work which are about $10 per day and you get it up to $50 per week or $2500 per year or $25 000 over 10 years. If you can see the logic behind this then you are well on your way to making serious inroads into your mortgage. I don’t even want to go there with take away dinners as this is a killer expense and saving money on these nightly take outs is a no brainer.
Tip # 2: Anyone who has watched the news recently will know that interest rates are on the decline. Interest rates are going as low as 2.5% and are heading further south as the Australian economy slows. The Reserve Bank will reduce cash rates even further as they try to stimulate the economy. They are at historic lows and if you have not gone to your bank and renegotiated a better home loan interest rate then you are missing out on BIG SAVINGS! They actually don’t want you to do anything. They make more money if you sit on your hands and do nothing. This attitude only benefits then and hurts your back pocket.
WHAT YOU NEED TO BE DOING IS:
The prudent, smart investor and home owner will be using websites like this to compare the best and cheapest interest rates going around and actually doing something about it. Sitting around and taking a ‘she’ll be OK attitude’ is a massive mistake and will only end up hurting you. You don’t even have to go into the bank – pick up the phone and make a call or get in touch with us on: 1300 551 305. We will act really quickly, look at your current situation and then look at ways to save you money by organising everything for you – that is, we will even help you switch banks. Yes, that’s absolutely correct. We will do all the hard yards for you and all you have to do is simply call us. Nothing and I mean nothing could be easier. If you are not prepared to do this then perhaps you do deserve to be lumbered with a mortgage for the rest of your life – essentially, what I’m saying here is that we have the know how and the expertise as well as the resources to liberate you financially.
Tip # 3: Stay Motivated! The above 2 tips are really the best things you can do to minimise your mortgage debt. You have to think of this as something you are focused on daily. If you think that you are going to have this for ever then that’s the wrong attitude. You have to do what ever it takes to eliminate your debt and in reality this is VERY DO-ABLE. If you need extra motivation get in touch with us and we will set you on the right path in reducing your home loan.