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Home Loan Tip of the Month

By Tim Marsh

While interest rates are at low, try to make extra repayments as early as possible.

“Most people don’t realise that the majority of the payments made at the beginning of a home loan actually go towards paying off interest and not reducing the principal.

“Therefore any extra payments that you make from the very beginning go towards reducing your principal and minimising interest payments down the track“, says Julian Packshaw of Mortgage Choice.

Julian is an integral part of Ray White Byron Bay and you can find his smiling face at our 15 Fletcher Street office.

“With interest rates at an all time low, it’s a great time to consider refinancing your existing loan.

“When you have had your existing loan for some time and your original ‘product’ has rolled into something else, you may be paying well over the best interest rate of the day.

“Lenders do not automatically roll over your loan into the lowest interest rate available, so my job as a broker is to get you the most suitable product at the best rate!”

Julian’s always interested in finding you a better deal (we think he treats it as a challenge every time!) to get you maximum bang for buck.

Here’s what one happy property owner had to say about Julian:

“I was referred to Julian Packshaw from a business associate who he had helped with finance.

“I wanted to see if it was possible to refinance my investment property, from a high interest ‘low document’ loan to something more competitive & flexible.

“After running through my last 2 business & personal tax returns, Julian ascertained that we could apply for a ‘full document’ refinance. 

“I am now paying 2% less interest than before & I could not be happier with the outcome.

“On advice from Julian, I have chosen to make the same repayment amount as before which will save me over $30,000 in interest & take 5 years off the loan term!!

I could not have done it without the help, support & experience of Julian – I happily refer his services.” Chryss, Byron Bay

If you’d like to see how Julian can help save you money, give him a call on 0404 475 532.

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