Making more home loans repayments 'is way to go'

Friday 21 August 2009

Article by Mozo

Budgeting and repaying a mortgage in more instalments is the best way to deal with home loans, it has been advised.

One mortgage expert has spoken out concerning the difficulties of juggling home loans and families.

Those looking to compare low interest home loans may be interested to learn that Chris Acret, Smartline Personal Mortgage Advisers managing director, has offered some advice.

He suggested making more repayments early on in the loan, particularly when considering starting a family.

This will create a buffer that can allow people to suspend or lessen payments should the need arise.

He added that home loans customers should be sure to always pay something.

"You wouldn’t want to pay nothing for very long because the amount owing on your loan would just keep growing and you’d be going backwards," he remarked.

Although the global credit crunch may impact on Australia, financial journalist David Koch recently argued the mortgage market would remain strong thanks to the incentive system in place.

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