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Help Your ANZ Home Loan Along with Just $50
ANZ Bank
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Have you ever thought about what $50 will buy you over the course of the month? It isn't likely to cover your petrol, parking or even the cumulative cost of your daily skim milk latte, yet it can make a huge difference to your long term finances.
Did you know that just $50 extra per month towards your ANZ home loan could save you thousands of dollars in interest charges, as well as reduce the term of your home loan by years?
As long as you let ANZ know that the extra is to be used towards paying off the principal of your home loan debt rather than making advance payments on the next month's interest you could chip away at your home loan debt with less effort than you thought possible.
The nature of compound interest means that every dollar you take off the principal of your ANZ home loan debt leads to you being charged less interest. You may think that the effects of an extra $50 per month would be barely noticeable on a home loan of hundreds of thousands of dollars, but every dollar really does count.
Being charged less interest on your home loan means that even more of your regular repayment amount can go towards clearing the principal of your ANZ home loan. A reduced principal means even further savings on interest, and so the cycle continues.
Even a small amount such as $50 extra per month towards your ANZ home loan can mean you are debt free sooner, leaving you to spend your money on more important things, such as building a portfolio of investments which increase your overall wealth.
Finding the extra $50 per month to put towards your debt to ANZ could be easier than you think. If interest rates happen to fall, a simple way you can make extra repayments is by keeping your repayment amount at the same level as it was for the higher interest rate. You could also make small lifestyle changes such as enjoying a big night in for one Saturday night of each month instead of heading to a restaurant or cinema.
Find out more about how you can clear your home loan debt sooner by speaking with your financial broker.
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