Paying your mortgage

Below are 4 top tips to getting the best out of your mortgage:

outgoingsPay weekly or fortnightly
This will mean you will pay an extra repayment in the year but will reduce your interest.

Reduce your loan by making additional payments
Making extra repayments will allow you to reduce your debt faster. Note that there may be penalties for paying extra on fixed loans. Check with our mortgage professional, David Seymour, about penalties or fees on 02 6686 3000. 

Pay higher than your minimum repayment
Paying more than your minimum repayments can make a large difference over the term of your mortgage. Note, again, that there may be penalties for paying extra on fixed loans. Check with David Seymour about any likely penalties or fees.

Home loan health checks
Because our needs change, the loan you originally got may not be the best loan for you in the future. Review your home loan on a regular basis to make sure it still suits your circumstances. Contact our Mortgage & Lending team to arrange a review.

Moving checklist
When the rubber finally hits the road, use our checklist after your new loan has settled and you're ready to call your new place 'home': 

  • Give notice to your real estate agent if you are currently renting.
  • Obtain quotes from several removalists to ensure you are getting the best deal.
  • Redirect your mail with the post office.
  • Have enough appropriate boxes for packing and label them for each room.
  • Change your driver's licence details.
  • Notify appropriate companies / people of your new address.
  • Disconnect electricity, gas, water and phone at the property you are leaving.
  • Connect the electricity, gas, water and phone at your new property. ?
  • Check all smoke alarms are working.

We hope the above information will make your journey to owning your own home an enjoyable one!

Email or phone David on 0418 785 747. You can also Follow David on Facebook or Connect on LinkedIn for his Regional Finance Solutions news and updates in real time.