How To Reduce Your Mortgage & Enjoy A Debt-free Life

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How To Reduce Your Mortgage
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Pay Off The Bad Debt First

• Personal loans, credit card debts, etc.
• tend to have higher interest rates
• Good debt (investment loans, etc.),
• on the other hand, can be used for tax
  deductions
• Speak to a mortgage broker for a
• solid repayment strategy

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Do Nothing When The Interest Rates Are Falling

• You have a loan of 500,000 _at_ Variable Interest
  Rate of 5
• EMI comes to 2,684 for 30 years
• If interest rate reduces even by 0.5, but you
  still pay the same EMI,
• you pay off your loan three years and
• four months earlier than scheduled!

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Pay Extra

• Increase repayments towards your mortgage
• Work out an extra amount you can afford to
• transfer every month however little it may
  be
• Speak with a mortgage broker to create your
• very own budget plan

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Make Compulsory Repayment On Time

• Avoid late repayment fees and
• penalties at all costs
• It not only reflects poorly on your credit
  history but also the ability to refinance
• Set calendar reminders

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Manage Cash Flow Timings

• For example, if youre renting investment
• property, ask for bi-monthly payment
• rather than a monthly cycle, so that you
  dont
• have to worry about late payments
• Keep close watch on due dates so that you pay
  before the deadline

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Looking for mortgage tips and other advice on
investment property loans? Call 1300 138 943
to speak with a Melbourne mortgage broker.
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Call 1300 138 943
Visit - www.mortgagecorp.com.au