Two weeks can save you thousands… and years
Posted by
Matt Hale
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Did you know that making, and saving money, is actually a bloody easy thing to do? A prime example of this is how often you make your mortgage repayments. Most people do it monthly, but if you simply swapped to fortnightly repayments, you would save thousands. It’s not magic and it won’t leave a hole in your hip pocket. How?
If you pay monthly, you make twelve repayments per annum, right? If you pay fortnightly, you make thirteen monthly repayments, because there are 26 fortnights in a year. This extra, and more frequent, repayment system means huge savings for you. On a $500,000 loan, as an example, you could actually save more than $300,000 in interest, and over 8 years, just by switching to this fortnightly repayment system. Makes good sense, don’t you reckon?