If you are at all like me, you probably don't have enough money to pay for the entire price of your target investment property. Consequently, one of the steps you have to take is to take out a mortgage from a financial institution.
Your mortgage or interest payments will be the largest expense you will have in your property investing journey. So it is worthwhile investigating what actions you can take to reduce these repayments to make sure your investment is profitable. Below are a couple of tips I've seen/read on how to reduce your loan repayments.
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Resources:
iTunes App: tapMortgage Australia
Your mortgage or interest payments will be the largest expense you will have in your property investing journey. So it is worthwhile investigating what actions you can take to reduce these repayments to make sure your investment is profitable. Below are a couple of tips I've seen/read on how to reduce your loan repayments.
- You can save more on your loan interest if you pay weekly, even fortnightly, as oppose to paying monthly. Ask your mortgage broker if this is an option for you.
- You can save even further if you make extra repayments. A $50 extra repayment made monthly can make a $10,000+ difference on your loan interest on a 25-year loan.
- Ask for a loan product that has a provision for an offset account. This can save you a lot on your interest payments.
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Resources:
iTunes App: tapMortgage Australia
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