I am amazed how many people I speak to who continue to make monthly home loan repayments. The most common answer from the client is that their Bank has never offered this option to save money and if you don’t believe me have a look at their own loan calculators. Do you know that on an average loan mortgage of $300,000 at 5.88% over 30 years would cost $1776 in monthly repayments and $339950 in all up interest costs. Split your loan to $888 per fortnight and you save 5 years and 7 months off the loan and a whopping $74937 in interest costs! Have we convinced you now?
Change your loan repayments to fortnightly