Nobody wants to be in debt forever, so here are some strategies that could help you pay off your mortgage quicker.
Transcript:
Sandra’s just muscled out that pesky grey-haired property investor to win the auction, and got the keys to her first place. Congratulations champ! It’s a pretty big deal, so if you’re like Sandra, you’re likely to go through a couple of emotional stages:
“Damn, I’m such an adult right now”
“How on earth am I going to repay my mortgage?”
“YAAAAS, I’m in the property market!”
Relax! You’ve already planned for this, and worked out a repayment schedule. But nobody wants to be in debt forever, so there are some strategies that could help you pay off your mortgage more quickly:
- Make good use of bonuses and tax refunds by making extra repayments. Any little extra here and there could help shorten the life of your loan in the long run, but check your loan terms to find out if any additional fees apply to extra repayments.
- Get a tenant to share the mortgage load. Did you like your old flatmate so much that you were sad when you left them? Bring them with you, and turn your spare room into a money maker (just don’t push the friendship by renting out a glorified cupboard).
- Regularly apply a health check to your home loan to make sure it is working well for you.
With your plan in place, a feeling of euphoria will wash over you… because you did it, you got your dream home.
Originally published on flatmates.com.au
Select a topic to view more blogs and videos: