Ways to Fight the Mortgage Monster – Home Loans Perth
Home Loans are not what they used to be! Many years ago, you could purchase a new home for around $50k, these days it’s more like $500k! So, it’s not uncommon to feel some mortgage stress throughout the life of your loan. Here at Loan Monster we have put together some ideas to help lessen the pinch and take back control so you can focus on the more enjoyable things in life.
BREAK DOWN YOUR DEBT:
- You may feel intimidated when you look at your mortgage statement which reflects a large sum owing to the Bank. This is where a budget comes in handy as you can break the large amount down into smaller chunks that are more manageable. Setting a goal such as “I will pay off ‘x’ amount by a certain date will give you small successes along the way until you reach the goal of paying off your loan and owning your own home.
PAY A LITTLE BIT EXTRA:
- If your loan product permits, you could make extra repayments to your loan. It doesn’t matter how small as every bit counts, even $10 extra per week each week will still make a difference. It could help you cut years off your mortgage and repay it faster.
BE FRUGAL WITH YOUR SPENDING:
- Keeping the big picture in mind ie) owning your own home, you could have a look at where your money is going. Reviewing your financial situation and spending behaviors may go a long way to saving you money in the long run. Ask yourself, do you need to buy your lunches every day, could you prepare them and save here? Do you need to buy a coffee each day? Small changes could help relieve any mortgage stress.
TALK TO YOUR MORTGAGE BROKER:
- When you are setting up your loan initially, ensure that you give your mortgage broker all the facts, including all your monthly expenses, that way your Perth Mortgage Broker will only source a mortgage that you can afford. You could also complete a ‘Borrowing Power Calculator’ to understand what loan amount you can comfortably pay back.
If you are looking to discuss new mortgage options or want to review your current one, call a Mortgage Broker at Loan Monster in Fremantle on (08) 9336-4489 or visit www.loan-monster.com.au.
* The information contained in this website should not be taken as constituting personal advice. We recommend that you seek professional assistance before acting upon any information provided or linked on this web site