{"id":3957,"date":"2019-01-15T18:18:48","date_gmt":"2019-01-15T08:18:48","guid":{"rendered":"http:\/\/wordpress-371694-1179511.cloudwaysapps.com\/?p=3957"},"modified":"2019-01-17T08:50:52","modified_gmt":"2019-01-16T22:50:52","slug":"five-simple-ways-to-increase-loan-repayments","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/five-simple-ways-to-increase-loan-repayments\/","title":{"rendered":"Five Simple Ways to Increase Loan Repayments"},"content":{"rendered":"\n

Paying off a mortgage can seem relentless \u2013 every payment counts of course, but it can seem to be taking forever to make a dent. Here are some simple ways you can increase the amount you pay off and own your home sooner.<\/p>\n\n\n\n

Reducing the principle on your mortgage as quickly as you can means paying less interest, so your future payments are going even further towards reducing that principle.<\/p>\n\n\n\n

To find the ideal balance between the extra repayments you can afford to make and the time this will shave off your mortgage term, use a mortgage calculator – http:\/\/financialplus.com.au\/\/calculators\/<\/a><\/p>\n\n\n\n

For example, on a $350,000 loan at\nsix per cent interest, a monthly repayment of $2100 will see a total term of 30\nyears and a total cost of just over $750,000, while paying just $500 per month\non top of that will bring the loan term down to just under 19 years and the\ntotal cost to just over $580,000. <\/p>\n\n\n\n

Boosting these monthly payments\nby a further $400 to $3000 will see the loan paid off in less than 15 years \u2013\nhalving its term.<\/p>\n\n\n\n

So, here are five simple ways to\nincrease those mortgage repayments.<\/p>\n\n\n\n

Ignore the bank<\/strong><\/p>\n\n\n\n

Well, sort of. Don\u2019t pay any\nattention to the amount that you are told is the minimum repayment, as long as\nyou pay more. Work out the most you can afford to pay, think of this as your\nminimum repayment, budget for it and stick to it.<\/p>\n\n\n\n

Treat yourself<\/strong><\/p>\n\n\n\n

Think of every step you take\ntowards reaching your goal of owning your property outright as a way of\ntreating yourself. Sure, an expensive bottle of wine is nice, but doesn\u2019t\ntaking a year off your loan taste pretty sweet, too? <\/p>\n\n\n\n

Every single increase to your income, no matter how small, should be channelled into the debts that are incurring the highest interest. If this is your mortgage, send it there. Do the same with your tax returns, any bonuses at work and even cash gifts. <\/p>\n\n\n\n

Track your spending<\/strong><\/p>\n\n\n\n

Download an app to track what\nyou are spending your money on, and trim where necessary, channelling the\nsavings into your mortgage payments.<\/p>\n\n\n\n

Think of all those little things\nyou don’t really notice yourself pulling out your wallet for. In one week, that\nextra coffee on Monday morning, a sandwich from the cafe instead of one you\nhave made yourself, that round of shots you probably shouldn’t have shouted on\nFriday night and getting your nails done on Saturday add up to $150. Over a\nmonth, that’s $600. Increasing a monthly repayment from $3000 to $3600 could\ntrim more than 10 years off the term of a $500,000 loan. Now how much do you really\nwant that coffee?<\/p>\n\n\n\n

Eyes on the prize<\/strong><\/p>\n\n\n\n

Watch the forecast term on your\nmortgage \u2013 seeing it go down will motivate you to work even harder.<\/p>\n\n\n\n

Talk to an expert<\/strong><\/p>\n\n\n\n

Talking to FinancialPlus about refinancing options could reveal a way to pay down your debt sooner even without increasing repayments. We will be able to look into whether you may get a better interest rate or lower fees with another lender, or even with your own, and will be able to help minimise any refinancing costs.<\/p>\n\n\n\n

This is especially important each time your goals or your financial circumstances change. If you are earning more than when you took out your loan, you have paid off a personal loan or a credit card since that time, or your property\u2019s value has risen, we may be able to negotiate a far better deal than the one you are on.<\/p>\n\n\n\n

FinancialPlus is with you for life to make sure you\u2019re always getting the best deal you can from your mortgage which is just a standard part of the service we provide. <\/p>\n","protected":false},"excerpt":{"rendered":"

Paying off a mortgage can seem relentless \u2013 every payment counts of course, but it can seem to be taking forever to make a dent. Here are some simple ways you can increase the amount you pay off and own your home sooner. Reducing the principle on your mortgage as quickly as you can means […]<\/p>\n","protected":false},"author":1,"featured_media":3971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110,112],"tags":[],"class_list":{"0":"post-3957","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"category-refinancing","9":"entry"},"yoast_head":"\nFive Simple Ways to Increase Loan Repayments · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/five-simple-ways-to-increase-loan-repayments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five Simple Ways to Increase Loan Repayments · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Paying off a mortgage can seem relentless \u2013 every payment counts of course, but it can seem to be taking forever to make a dent. 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