Looking at getting your first home Home loan, refinancing or seeing what’s available? Here are some quick tips and tricks to help you pay your home loan of quicker.
First of all you need to know how much you need to borrow? What you can afford to repay each week? And what your interest rate will be?
Before getting a home loan you should have already saved a deposit. But don’t just settle for the 10% deposit the more you save the better so continue to save right up until when you move in. For savings tips visit our savings page.
Here is a link to look through home loans available:
“Screw it, Let’s do it” – Richard Branson
When you find your home loan make sure you read through the fee’s and check the interest rate. Make sure there are no hidden fees associated with the loan.
Tips for getting home loan approved:
If you have been dreaming of buying a home for a while the fear of getting knocked back can haunt your dreams so knowing how to improve your chances can be a great help. Here are some quick tips to getting your home loan approved.
-Figure out your budget and work out what you can afford to pay and be realistic.
-Show a solid history of saving money.
-Show stability, Show that you have held your current job for a long period of time, Lived in the same place for at least 6 months.
-Make sure you have no bad credit history, any unpaid debts. Visit www.mycreditfile.com.au to access your file.
-Pay off your credit cards, This shows that you can live within your means and not need to borrow money to get by each week.
– Make sure for the last 6 months you have no late payments or over drawn accounts in your bank statement.
-Using a mortgage broker can help you look through multiple loans and find the best one for you. Link Below:
Tips to paying your home off quicker:
-Start by finding the home loan with the lowest fee’s and lowest interest rate. Link Below:
-You then want to make weekly repayments instead of monthly. By paying your home loan weekly its not only more manageable you also save a lot of money on interest and reduce the amount of years paying off your home loan.
– Use offset account instead of savings. Some home loans have an offset account so you can over pay your home loan and can still withdraw this money as you need it. Why have the money in your savings earning 3% when you can reduce the amount you are paying 5% interest on?
-Make extra repayments whenever you can. By making extra repayments you pay your home loan off quicker and reduce the amount of money you have to pay interest on. Have a play around with a home loan calculator even an extra $10 a week can make a difference.
– Consider refinancing every 3 -5 years to see if there is better loans available. Link below.
Remember if you get knocked back the first time it doesn’t mean you will the second get striving towards your goals.
“Victory is always possible for the person who refuses to stop fighting’ – Napoleon Hill