Tips & Tricks

Set a budget and stick to it

Understand what your living costs are and budget for the things you want to buy.

Make your payment every fortnight

Your interest is calculated daily. By paying every fortnight you are not letting the interest accumulate for a full month before paying it. Ask your Opening Doors consultant how this can save years off your mortgage.

Use your salary smartly

It may be in your interests to have your salary paid directly into your home loan account and redraw your living costs as and when you need them. Your principal and interest gets paid before anything else and your savings can actively reduce your home loan. Your Opening Doors consultant can help explain this further to make sure its the right strategy for you.

Lump sum payments when possible

Try and contribute tax returns, cash gifts, inheritances or anything else you can to your home loan. Youll be surprised at the huge difference this can make.

Paying that little bit extra

Chances are your income will increase over the course of your home loan. When this happens allocate a percentage of your increase to your loan repayment. Again this will save you a fortune over time.

Carefully manage short term debt

The interest you pay on credit cards and store cards is much higher than the interest you pay on your home loan. If you have to use a credit card, look for one that gives you an interest free period and make sure you pay it in full every month.

Get rid of your expensive debt

If you do have debt accumulated in credit cards you should talk to us about how you can use the equity in your home to drastically reduce your interest costs.

Regularly review your loan with us

As your circumstances change you should review your loan and ensure it still meets your needs.