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Crown will find YOU the Home Loan that will save you the most amount of TIME and MONEY in 4 Very Simple Steps...
...and You will Receive Our eBook:
"How To Get Out Of Debt In Half The Time & Pay LESS per Month!" FREE!
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Magic Away Your Wizard Home Loan Debt
Wizard Home Loans
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Wish your home loan would magically disappear? Unfortunately there is no quick-fix, short of a large inheritance or windfall of some kind, but there are some simple steps you can take to make an effort to clear your Wizard home loan debt sooner.
One of the simplest ways you can do this is by switching your Wizard home loan repayments from monthly to fortnightly. This simple change alone can save you thousands of dollars in interest and potentially slash years from the term of your Wizard loan.
How? Making monthly payments will equate to a total of 12 payments over a year. There are 26 fortnights in a year, so 26 fortnightly repayments equates to 13 monthly payments. Just one repayment more per year means you work on paying off the principal of your Wizard home loan sooner, which means you pay less in interest.
The difference in your disposable income would be barely felt but the impact on your long-term finances could be enormous, so switching to fortnightly repayments is one of the easiest ways you can save money and clear your Wizard home loan debt sooner.
Another way you can reduce your Wizard home loan debt is by making extra repayments when possible. Different loans have restrictions regarding this, for example most fixed rate loans restrict the amount you are able to make in extra payments.
With the way compounded interest works, you are most likely to be paying off the interest over the first few years of your Wizard loan term without making a difference to the principal. Making extra repayments means you can start to clear the principal of your debt, which means you will gradually being paying less interest. The effects of paying less interest over a number of years can mean you save thousands of dollars.
If you receive extra money in the form of tax returns, bonuses or gifts, it is a good idea to put at least some of it towards making extra repayments on your Wizard home loan. Remember to advise Wizard that the extra amount is to be used towards reducing the principal, and not used to pay part of the next month's amount in advance.
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