Nurture It.

Your repayments are with you for a long time (sigh), consider nurturing them by paying back more often. The more you nurture the sooner they go away (yay!) From first drawdown start your repayment strategy by paying weekly or fortnightly. Check out the savings in this calculator and you will never go back to monthly repayments again!

TIP 1: If you have an offset account, then paying weekly, fortnightly or monthly does not make a difference, because the day your pay goes into your offset account, it is saving interest on your home loan. However if you prefer to move your money out of sight, then continue with a weekly / fortnightly payment.

TIP 2: Beware; some lenders when requesting fortnightly or weekly repayments, take the monthly repayment and times this by 12 and then divide this figure by 26 or 52 to get the weekly or monthly repayment. The key here is to take the monthly repayment and divide this by 2 (for fortnightly) or 4 (for monthly)