I am a ‘bang for buck’ kind of person. What can I get the most out of for the least effort? When I look at peoples finances I am always intrigued by where their efforts are often centered. People are happy to dedicate time and effort into chasing the best credit card rate or changing over all their insurances to save $200 a year. Yet these same people will often happily carry on paying a mortgage with interest costs of $20000-$30000 a year for potentially the next 30 years.
I am very confident that having the best power scheme, the lowest rate credit card, the most cost effective phone and internet plan plus the best home, contents and car cover will not even amount to 10% of the interest savings you could make by having a properly structured mortgage.
I am a firm believer that every 30 year term mortgage can be paid off in 20 years if setup properly. For a $350000 home loan this would mean around $187,000 in savings. So before you pick up the phone to get an insurance quote or change your phone company spare a thought for your mortgage and whether it is the best possible option for you.
To find out how NZHL can help you get the most bang for your buck on your home loan contact us today.
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The information contained in this article is of a general nature and should not be taken as advice. It reflects the opinions of the writer only and does not necessarily reflect the opinions of New Zealand Home Loans.