How to take advantage of low interst rates on your home loan

Here are some steps you can implement:
REVIEW YOUR DEBTS: develop a picture of exactly how much your debt is costing you – if you can’t find the information, get it in writing from your lender. If you’re going to reduce your costs you have to know your starting point.

KNOW THE MARKET: how does your current loan product compare to your friends & family? Many borrowers take mortgages that start at a low rate, some of these specials are designed to revert back to a higher rate.

DO WHAT WORKS FOR YOU: getting your home loan costs down can include paying weekly or fortnightly if you can rather than monthly, and paying more then the minimum repayment amount. These methods typically accelerate paying-out the loan which means you pay less in the long run.

ACTION: to take advantage of the current low rates, you either get a better deal from your current lender or you go to a lender who has a better offer. And people do, over one million customers have left their financial institutions in the last financial year.

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