Your Mortgage Provider Pty Ltd’s Post

🏡 Feeling stretched? Extending your loan term could help 🏡⁣ ⁣ If the last 18 months of cash rate hikes have left your finances thinly stretched, one possible solution could give you some breathing space. 🤔⁣ ⁣ Stretching your loan term may help lower your monthly repayments.⁣ ⁣ For example, a Canstar analysis shows that a home owner with a $600,000 mortgage who extended a 25-year loan back out to 30 years could cut their repayments by $255 per month.⁣ ⁣ The catch? 🎣⁣ ⁣ The longer you pay off your loan, the more you'll pay in total interest. 😬⁣ ⁣ That said, you may still be able to close the gap and cut down the long-term interest cost by either making extra repayments in the future, loading up an offset account, or paying off the loan early (if, for example, you receive a lump sum inheritance).⁣ ⁣ To find out more, DM us or contact Your Mortgage Provider on: ☎ – 0419 292 178 💻 – melissa@yourmortgageprovider.com.au #yourmortgageprovider #investment #property #mortgagebroker #mortgage #homeloan #refinance #investors #firsthomebuyers #sydney #sydneyfinance #sydneymortgagebroker #sydneyhomeloans #sydneyrealestate #sydneyproperty #werrington #werringtonproperty #werringtonrealestate #newsouthwales #newsouthwalesproperty #newsouthwalesrealestate #newsouthwalesbroker #nswproperty

  • 🏡 Feeling stretched? Extending your loan term could help 🏡⁣
⁣
If the last 18 months of cash rate hikes

To view or add a comment, sign in

Explore topics