Another simple strategy to overcome your mortgage faster is to make one-off lump sum payments. Consider this: a one-time $10,000 payment at the beginning of a $300,000 loan with an interest rate of 4.5 percent per year could save you over $26,000 in interest for the loan’s life span.
Paying off a loan is no small matter. Not all these tips may apply to you, but it’s very much possible to use more than one of these tips to speed up the time it takes for you to own your first home. To make your purchase truly worthwhile, make sure it’s built by award-winning home builders like WOW! Homes who have years of experience in offering quality house & land packages in Perth for first home buyers just like you.