Get the rate right
Whether you’re just getting started on your journey to home ownership, you’re a couple of years in and have started to reconsider your options, or you’re a mortgage veteran who’s frustrated with their lack of progress, the message applies equally.
Getting the choice between a fixed or variable rate can save you thousands in interest in the long run, and when it comes to your home loans, money = time.
If you’ve taken a fixed rate, there may be a limit to how much extra you can pay off your loan without incurring a penalty. If you’re still in the fixed rate period of your loan, make sure you contact your bank before making any extra repayments.
With a variable loan, it’s a different story. Greater Bank variable home loans allow you to repay as much as you like off your loan without penalty. (This may not be the case with all banks)
Whether you’re just getting started on your journey to home ownership, you’re a couple of years in and have started to reconsider your options, or you’re a mortgage veteran who’s frustrated with their lack of progress, the message applies equally.
Getting the choice between a fixed or variable rate can save you thousands in interest in the long run, and when it comes to your home loans, money = time.
If you’ve taken a fixed rate, there may be a limit to how much extra you can pay off your loan without incurring a penalty. If you’re still in the fixed rate period of your loan, make sure you contact your bank before making any extra repayments.
With a variable loan, it’s a different story. Greater Bank variable home loans allow you to repay as much as you like off your loan without penalty. (This may not be the case with all banks)