How can I get my home loan reduced?
It's possible to reduce your home loan in a number of ways:
- Make sure you're on the best interest rate possible. This means that with each month you're repaying more off your principal loan amount.
- Make additional repayments. Whenever you can, pay a little extra off your loan and reduce the overall balance.
- Discuss shortening your term with your lender. This will mean you will pay off your loan quicker, but it also means your regular repayment amount will go up, and that some lenders may charge to charge your loan term.