When you make a mortgage payment, part of that payment goes towards interest and the balance towards paying off the principal. So if you have a $300,000 loan, you are paying interest on $300,000.
Money held in an offset account (a transaction account linked to your home loan) reduced the principal owed when it comes to calculating interest.
Press Release: Young guns take on the home loan market with one aim in mind: helping their clients win
In an industry plagued by institutional ownership and low education standards, young guns Tom Blackhurst and Chaice Paterson are using their university education and personal financial achievements to provide mortgage broking services and financial advice with one aim in mind: helping their clients win.
One of the biggest announcements during the 2017 budget was the First Home Super Saver Scheme. Under the scheme, first home buyers can voluntarily contribute money into their super and then access this money to buy a property.
There are a number of benefits to this scheme such as:
Getting the lowest home loan rate is the most important thing for about 90% of the people we speak to.
But what about a strategy to pay off the loan faster? What if I told you that in many cases the way you structure the loan, and what features you get, are more important than the rate?