Property Investor Tips

Money-saving tips

Posted on Wednesday, April 22 2009 at 10:39 AM

Here are five fast tips to help you save money in the property world:

  • 1. Make fortnightly mortgage payments, not monthly. The experts say this is an easy way to make an extra repayment each year without feeling any pain on the hip pocket.

  • 2. Try to save 20 per cent deposit in order to avoid paying lender's mortgage insurance (LMI). LMI protects the bank if you default on your loan; it doesn’t help you if you’re in financial distress.

  • 3. Even though variable interest rates have fallen sharply in recent months, keep paying the same amount off your loan as you always have and you'll wipe years off your loan.

  • 4. Don't sign any contract that requires full payment for renovations or building work before you are satisfied with the end result.

  • 5. If you're using a builder to construct your new home (for example, if you've bought a house-and-land package), deal direct with the tradies instead of hiring them through your builder. Often their fees will be cheaper when you deal direct.

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