Managing Your Mortgage
Managing your mortgage involves more than just meeting your home loan repayments, a good mortgage minimisation strategy can essentially save you thousands and is a plan that you should have in place before choosing a loan.
Negotiating a Better Home Loan Deal
Managing your mortgage starts with preventing situations that could lead to mortgage stress and that means negotiating the right home loan deal from the very beginning. Most borrowers don’t realise that they can often negotiate with the lenders to get a discounted rate below their advertised rates. The size of your loan, previous transactions with the bank and a clean credit history can all be used to place you in a stronger position at the negotiating table.
Get Help With Managing Your Mortgage
For assistance with managing your mortgage, or to discuss the home loan in your best interest, simply call us on 13 LOAN (+61 2 9249 3739 direct) or fill in the form on this page.
Paying Off Your Mortgage Faster
Apart from the obvious benefit of owning your home sooner, paying off your mortgage faster can save you money by shaving thousands off your interest payments. There are essentially only three ways to pay off your mortgage faster.
- Find a cheaper interest rate (if refinancing ensure the savings outweigh the costs).
- Make larger repayments than the amount you are required to pay.
- Making extra regular repayments.
Common Causes of Mortgage Stress
If you are spending more than 30 per cent of your net income on your mortgage repayments, then you may be under mortgage stress. For most people, mortgage difficulties will more often than not come as a result of an unexpected life event. Unemployment, injury, illness – and even a relationship breakdown – may all contribute to difficulties in meeting mortgage repayments.
Using Mortgage Hardship Variations for Temporary Difficulties
Hardship variations have come into the limelight in recent times as mortgage holders dealing with the fall out from the global financial crisis and natural disasters like the Victoria Bushfires seek temporary assistance with their mortgage repayments. Hardship variations are seen as a short-term solution to mortgage repayment difficulties brought on by either job loss, illness, injury or any other extenuating circumstances.
More information and home loan help
For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 LOAN (direct +61 2 9249 3739)
