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Do you want to speed up the home loan repayment process?

By James Brown

Getting debt free as quickly as possible is the ultimate goal for most people who have taken out a mortgage to secure their own Caboolture real estate

There are a number of ways you can try to cut down on the amount of time you have to make home loan repayments. Before you settle on any strategies, make sure you get in touch with a financial expert in area to get some specific advice.

For example, something as simple as increasing your minimum monthly repayment amount could do wonders. Think of it this way: The sooner your pay off your home loan, the sooner you stop paying added interest on each payment. 

This not only shaves time off your repayment period, but means that more of your money is being put towards the brunt of your mortgage – rather than being spent on interest. 

The same logic applies to making lump sum payments as well. If you come into some money, it could be worth putting a percentage of it straight into your mortgage.

Whether this is an inheritance, an end of year bonus, or a promotion and pay rise – being smart with your income is key to getting out of home loan debt as fast as possible. 

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