26 Oct 2021

Mortgage Minimisation Strategies

Mortgage Minimisation Strategies

Buying a home can be daunting because of the amount of money you need to borrow. At Mortgage House, we understand how overwhelming that much debt can be, especially for first-time homebuyers. Our lending specialists will work with you to help control your debt and lower your monthly repayments using some of the following mortgage minimisation strategies. 

Common Mortgage Minimisation Strategies

When you buy a home, it is important for your home loan to be affordable. If you can’t easily afford your monthly repayments, it can add stress to an already difficult financial situation while making your worries about your debt worse. The following mortgage minimisation strategies can be done on your own or in conjunction with one of our lending specialists to keep your monthly repayments manageable:

  • Purchasing a less expensive home not only decreases the size of your home loan but will also decrease the size of your monthly repayment.
  • Improving your finances by paying off any existing debt not only allows you to receive a lower interest rate but also allows you to have more disposable income. You can save this extra disposable income to help make extra mortgage repayments or to pay your mortgage if you ever have financial difficulties. 
  • Saving for a larger deposit decreases the size of a home loan you need to purchase your dream home. A smaller loan means less interest and lower monthly repayments. 
  • If you are buying your first home, apply for the First-time Home Owners Grant. 
  • Applying for a home loan with a 100% offset account will also save you money by decreasing the amount of interest you pay over the life of your loan. 
  • Depending on your current financial situation and your future goals, you can also minimise your mortgage by purchasing a negatively-geared or positively-geared property. 

If you’re worried about the debt you will incur from purchasing your dream home, the lending specialists at Mortgage House can help. We will work with you to help you find the perfect mortgage minimisation strategy for you, allowing you to make your monthly repayments more affordable.

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