Managing and reducing your mortgage

Once you have secured a mortgage, it’s important not to just set and forget’, you do need to spend some time managing it to make sure it continues to work for you.

Good mortgage management can help you save both time and money on your home loan, and also avoid or manage mortgage stress when things don’t go quite as planned.

17 ways to pay off your home loan sooner

Paying out your home loan earlier than the standard loan term is easier than you think. There are a number of methods you can employ that may help you save thousands of dollars and years off your home loan. Find out at least 17 great tips for paying off your loan faster, including how to increase your repayments and make them more often.

Beating mortgage stress

Mortgage stress can affect borrowers from all walks of life, regardless of the value of your property, size of your home loan, or your job. Loan Market has put together some strategies to help you prevent mortgage stress, and manage it correctly if it does happen to you, in our managing mortgage stress section.

To assess your requirements and to negotiate a competitive deal, talk to your Loan Market mortgage broker .

 

Personalised strategies for managing and reducing your mortgage

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Hardship variations and mortgage repayment holidays

If you are experiencing temporary difficulties meeting your mortgage repayments, you may qualify for a hardship variation with your lender.

Home loan management strategies

Home loan management strategies you can put in place include:

  • Have an interest rate action plan in place
  • Learn how to pay off your loan faster (and act on all the tips you find)
  • Review your loan regularly with your mortgage broker
  • Consolidate your debts if required
  • Refinance your loan if the figures add up to a saving

Consolidate debt

Debt consolidation combines several loans into a single loan, usually your home loan. Typically, this will include combining unsecured debts such as personal and car loans, credit card balances and store card balances into your home loan which is secured debt that which is secured by your property. Find out the pros and cons of debt consolidation.

Refinancing

Refinancing has become very popular in recent times due to the number of interest rate rises. Refinancing can be very beneficial in helping you to save money if used in the right circumstances, but it can be a costly exercise, so you need to do your sums carefully before making a decision to determine whether or not the costs outweigh the benefits. Find out more about your refinancing options and how much it is likely to cost to change from one home loan to another at refinancing.