Reviewing the mortgage
It’s a good idea to check things like your level of repayments and interest rate from time to time. It pays to do it every year or two, or when:
- A fixed rate loan is about to expire
- The interest rate on a floating rate mortgage changes
- There’s a big life change on the horizon, such as starting a new job
- You get a big lump sum such as an inheritance
It helps to take a moment and ask – are these mortgage payments still as big as I can comfortably afford? Check the budget to see if there’s spare money to put toward extra repayments.
Even boosting repayments by the equivalent of $25 a week may save thousands of dollars in interest, which means you could be mortgage-free months or even years earlier!
Let me review your mortgage and personal situation to see if we can help you pay the mortgage off faster.