If you currently have a home loan repayment frequency of one repayment a month, and you are able to afford to pay more frequently, then you have a unique opportunity to save on the overall interest and reduce the term of the loan. By setting the frequency of repayments to twice a month instead of once, you may be able to shorten the loan term.
Our calculator takes factors like the loan value, the number of repayments you have made already and the interest rate and will illustrate the results for you if you choose a bi-monthly repayment option.
If you set the payment frequency to every two weeks instead of once a month, you can cut down on the paid interest and the loan term. For an in-depth discussion about payment frequency and cutting down loan term, talk to our experts today. They have the experience and expertise to assess your situation and your home loan and point you in the right direction.