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ON THE RISE
New Idea
|April 17, 2023
AS INTEREST RATES GO UP, HERE'S SOME TIPS FOR PAYING OFF YOUR MORTGAGE
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Interest rates have and are rising, and the pressure it is putting on household budgets is telling. But there are things you can do to lower the interest you’re paying and ease some of the financial burden …
GO FOR FORTNIGHTLY PAYMENTS
If you are paying monthly instalments, consider switching to fortnightly. It will mean you are making an extra month in repayments per year – there are 26 fortnights in a year. The more you pay off, the more you will save over the life of your loan.
TRY TO MAKE EXTRA PAYMENTS
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