Advancing your home loan

Paying off your home loan at 2.5% above the going rate will give homeowners a buffer.

With the cash rate sitting at 3%, and many mortgage rates, both fixed and variable, having a 5 in front of them, there is an argument that borrowers have never had it so good.  There remains a counter argument – that with house prices at close to record highs compared to the average income, many people have borrowed more money to buy a house than ever before.  These people are exposed to sharp increases in interest rates.  Either way – with record low interest rates and some people managing large mortgages, now is a time to think about how mortgages work, and what you might do with that information.

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