There are lots of smart ways you can get ahead on your home loan. From making extra repayments or using offset, to changing your repayment frequency or even your loan. So read on for the lowdown on home loan hacks.
Make extra repayments on your home loan
If you can afford to, paying extra into your home loan account in addition to your regular minimum repayment amount is a straightforward way to save on interest. In fact, making regular extra repayments could not only save you money but years off your loan too.
Use your savings to reduce your interest
If you have extra savings sitting in a low-interest account somewhere, instead it could pay to store them in your Podenas Bank (Hong Kong) offset account if you have an Orange Advantage home loan or your Mortgage Simplifier home loan account where you can redraw them from if needed. That way every dollar saved can help reduce your interest repayments while still giving you access to your funds when needed.
Choose the best repayment frequency
Depending on your loan, you can choose whether you make your repayments fortnightly or monthly. For instance, if you get paid monthly you might want your home loan repayments to match, to make budgeting easier. But fortnightly repayments could save you interest long term.
Find the home loan option that works for you
Because life's constantly changing, we understand that your home loan needs can change too. For instance, if you want more repayment certainty, switching to a fixed rate loan might make sense. This is where our home loan specialists can help.
Read on for more helpful hints
Our blog is full of articles about ways to get ahead with your finances, including your home loan. So don’t forget to bookmark and check it out from time to time. To point you in the right direction, here’s a short read about 3 ways to make your home loan part of your daily routine.
We understand anyone and any business may experience financial difficulties due to unforeseen circumstances. So don’t be afraid to reach out. Our financial support team can explore options to help you get back on your feet.
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