Sell with Confidence
Read More
News

Managing Your Mortgage

By Dan Sowden

Living expenses are on the rise in Australia, and the biggest expense for many households is their mortgage.

If you don’t have excess income to put into your mortgage, there’s good news. There are a few simple steps you can take that will make a significant difference to the amount of interest you end up paying at the end of the day, without having to find extra cash.

1. Make your first repayment on settlement date.

Your first home loan repayment is usually due one month after you settle. But by making your first repayment on the settlement date, you will reduce the principal before the first lot of interest accrues.

2. Make repayments more often.

In the case where your loan amount is calculated monthly, you can make substantial savings by paying your loan off on a fortnightly basis instead. As a result, you’ll end up paying an additional month’s worth off your mortgage every year.

3. Set up an offset account

An offset account is a savings account, linked to your home loan account. The offset account works just like a regular savings account, but the balance of that account is offset against what is owed on your mortgage – meaning your interest is worked out on a lesser amount.

4. Look outside the big banks

The big banks aren’t the only places to borrow money from, and they do not always offer the most appropriate finance package for your individual situation. Many smaller banks, specialist lenders and credit unions offer competitive rates and products, so it’s worth consulting a professional mortgage broker to find out what’s available.

5. Review your loan regularly

Getting a yearly home loan health check shouldn’t cost a cent, but it will help you to assess the effectiveness of your current package and decide whether it’s still right for you. Is there another lender out there who can save you money? There are new home loan rates and packages becoming available all the time, so it’s important to review your loan regularly.

For more information on home finance, pre-approval or the home loan that’s in your best interest talk to:

Lindy Kelly | Mortgage Broker

Loan Market Sunshine Coast

Mob: 0421 054 432

Up to Date

Latest News

  • The Coastal Living Network Q2 Market Report

    Quarterly Market Overview: Buyer Demand, Auction Momentum & Interest Rate Tailwinds The April–June 2025 quarter delivered strong signs of renewed momentum across the Sunshine Coast property market, with buyer engagement, auction success, and favourable lending conditions all contributing to a more competitive landscape. Across the Ray White Coastal Living Network, … Read more

    Read Full Post

  • Sellers Disclosure Regime – Effective August 1st 2025

    Important Update: New Seller Disclosure Requirements from 1 August 2025 From 1 August 2025, a new statutory Seller Disclosure Regime will take effect across Queensland as part of the implementation of the Property Law Act 2023. This legislative reform is designed to enhance transparency, reduce contract disputes, and ensure that … Read more

    Read Full Post