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 low down on home loan hacks.
Plan ahead for when your fixed rate loan expires
If you have a fixed rate loan, we’ve got you covered when it comes to understanding the range of options you have when your fixed rate home loan term expires, including switching, splitting and re-fixing. For more about your fixed rate expiry options, simply click the link and scroll down to the fixed rate home loan FAQs in the manage your home loan section.
Make extra repayments on your home loan
Whether you have a fixed or variable rate loan, if you can afford to, paying more into your home loan account than your regular minimum repayment amount could be a straightforward way to save on interest and cut years off your loan. Just remember, break costs may apply if you make more than $10,000 in additional repayments in one year on a fixed rate loan.
Use your savings to reduce your interest
If you have extra savings sitting in a low-interest account somewhere it could pay to store them in your ING offset account (if you have an Orange Advantage home loan) or redraw account instead, where 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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