Home Loans
Australians Strive to Pay Off Their Mortgage Sooner
(presented by www.refinance-refinance.net - mortgage lenders)
By Maya Pavlovski
A large number of Australian home owners intend to repay their mortgage off sooner than specified in the terms of their mortgage contract. This information comes from a recent survey conducted by the Mortgage Industry Association of Australia (MIAA).
What is even more surprising is that the majority of persons interviewed are confident in their ability to repay their mortgage sooner.
According to the CEO of MIAA, Mr Phil Naylor, Australian home owners are becoming more confident in taking control of their finances despite general concerns such as rising interest rates and job security.
Most respondents had said that they would pay off their mortgage sooner by making higher regular repayments as well as additional lump sum payments.
To anyone paying a mortgage, the idea of owning your home free of debt sooner is naturally very attractive.
Should you refinance? Will extra features, such as a redraw facility, mortgage offset account or a line of credit help you? Or should you go for a basic ‘no frills’ loan instead, and make additional payments whenever you can?
Here are some tips for reducing your mortgage:
- Shop around for the best possible interest rate, because that’s your single biggest cost. It
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