It feels good to forge ahead with your home loan.
Paying a bit extra off your mortgage doesn’t just help you become mortgage free sooner, it can also can boost confidence and improve your sense of financial well-being.
Almost 50% are paying extra
Recent research¹ has shown that Australians are taking advantage of low interest rates to pay down their mortgage, with 44% of the nation’s home owners making extra repayments on their loan. This is having a direct impact on household financial well-being. The same survey found 93% of home owners are ‘comfortable’ with their mortgage – of these households, 65% say they are ‘very’ comfortable with their loan.
Grow equity, save on interest
There are good reasons why paying your home loan off faster can boost financial confidence. Whittling away your loan sees you save on overall interest charges and cut the time taken to pay down the loan completely. But with every additional repayment you are also building equity in your home – and this is likely to be one of your most valuable assets. It’s also reassuring to know that if your home loan has a redraw facility, you can access extra loan repayments if the cash is needed at any time.
Boost your financial well-being
What does it take to join the one in two home owners who are forging ahead with their loan? As little as one dollar. Any additional repayment at all will put you in front; it doesn’t have to be a large sum. Try it today. The sooner you start making additional repayments, the more you’ll save.