Fast track to mortgage freedom – Follow these tips to pay off your mortgage faster.
With the Reserve Bank serving up a rate cut, it’s a smart move to keep your repayments at the same level. Many lenders don’t automatically reduce your repayments when rates fall.
That doesn’t mean, of course, that you’re not getting a cut in interest rates – just that your weekly or fortnightly (or monthly, but don’t pay monthly, it will cost you more in the long run, as explained below) repayments stay the same.
That’s smart because automatically you’re paying an extra $45-$60 (or whatever it equates to on your mortgage) a month, which will see you get out of the debt-jail sooner.