TIP: When interest rates fall: Try and leave your repayments the same as prior to the rate drop. This means you will actually be paying more than the minimum each month. You'll repay your loan years sooner.
The more rates fall, the sooner you will repay your loan. You will have been paying at the higher rate, so if rates rise again later you may not have to change your repayment.
TIP: Pay fortnightly instead of monthly. Many people get paid weekly or fortnightly, so have the e-mortgage payment come out of your account around the same time you get paid. You'll be less likely to miss the dosh. You will actually save lolly and pay your e-mortgage off sooner. Divide the monthly payment by two or four and pay that each week or fortnight. BUT, this only works if your outstanding e-mortgage is calculated week to week. Many lenders calculate your repayments as yearly totals, thereby increasing their profits.
