API Blog :: Have your say!

May 27, 2010

How to pay off your mortgage faster


As we all know, the quicker you repay your home loan, the more equity is built up, which can be used to fund the expansion of your investment property portfolio. It’s not as difficult as people may think.

BY KRISTY SHEPPARD

It’s about taking little bites and continuing to chew, all the while thinking about the end goal. Why let negativity cloud the satisfaction of getting closer to owning a property outright and having a good amount

of equity at your disposal?

So…

Did you know that if a fairly average new home loan borrower – someone with a $281,400 home loan at 7.1 per cent over 30 years – contributed an extra $100 every month to their mortgage from day one they would save well over $70,000 in interest plus almost four and a half years off their loan term?

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