Aaron WhybrowGeneral Manager, Strategic Mortgage Broker

Big Home Loan Tips & Tricks

Name: Big Home Loan Tips & Tricks
Uploaded: 2018-12-06T00:58:53Z
Channel: Aaron Whybrow
Description: Aaron shares three ways to cut years off a big home loan: use redraw facilities and offset accounts to park savings against the debt, make small extra…

6 Dec 2018

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Aaron shares three ways to cut years off a big home loan: use redraw facilities and offset accounts to park savings against the debt, make small extra repayments like $50 a week, which could shorten a 30-year loan by 3 to 4 years.

Questions this video answers

$50 a week could save you three to four years off your home loan.

From 30 years down to 26 years (immediate reduction claimed).

$10, $15, $20, $50 (per week).

Feel like you've got a big loan? It's Aaron from Diagnostics and Finance. Just want to let you know some tips and tricks on dealing with your big loan. Do you have access to Redraw? Can you redraw small amounts without fees? Can you get an offset account that can help you save some interest with the cash flow that you've got going through your account? Do you have an investment property? Offset accounts for investment properties can work really, really well and if you've got access to Redraw, that can be where you put your savings. So instead of earning 1% interest on a savings account, you can put that into your home loan and save paying the interest to the home loan provider. So a couple of big tips there. The other tip is if you can afford another 10, 15, $20, $50 extra a week into your mortgage, you're going to make a big impact going forward. If you pay the minimum repayment, everything over and above that comes straight off the principal and that can make a big impact. $50 a week could save you three to four years off your home loan. That means 30 years down to 26 immediately. Alright. Hey, it's Aaron. Comment below if you've got any other ways that you save on your big home loan. Alright?