The excitement of house hunting
Finances
are always a pain the rear end, but before embarking on any house hunting
mission it is vital to have it together. One area of particular importance is
once you have the home loan, how does one actually manage it? Here are a few
tips on how to reduce the home loan (or bond).
1.
The bigger the deposit, the better (it reduces the capital and monthly interest
paid)
2.
Secure a lower interest rate (by making use of a bond originator)
3.
Pay extra each month (VB!!!! Pay a little extra per month. Every little bit
counts.)
4.
Pay in unbudgeted extras (IF you have a little extra cash – pay it into the
bond)
5.
Beat the interest calculation (by making payments earlier rather than later I
the month)
These
simple steps if adopted can and will make a huge difference down the line. Hang
onto them and have a less stress free 20 years while paying off the home loan
on your dream home.
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