There are many ways to pay off your mortgage earlier; we will look at your individual circumstances and recommend the best strategy for you.

Paying more toward the principal is one way to pay off your loan quicker, but certainly not the only way. For some borrowers who are already on a tight budget and stretched to their limits, this strategy will not work. However, with the correct loan structure and education, borrowers can still reduce their mortgage term by paying it off years earlier without the need to make any extra repayments.

Interest rates will determine your monthly repayments but not the cost of your loan. You need to look at other factors like fees, charges, how flexible your loan is, whether it allows you to change repayment cycles, pay extra, redraw funds, in addition to whether it comes with an offset account or a Visa debit card, etc.…. Chasing the lowest interest rate might end up costing you more because interest rates can fluctuate up or down at any time! (You need to have a strategy in which you are in FULL CONTROL and are not relying on interest rates; this is a variable that you most definitely cannot rely on).

At Fast Repay Home Loan, we work on a "win-win" strategy, meaning ‘we put you first’. Our top priority is to place you in the loan that best suits your needs, not the interests of our shareholders.

We distinguish between interest rate and interest cost at Fast Repay Home Loan. We need to assess individual situations to determine the exact interest rate, but generally speaking, our interest rate is pretty much the same as every other lender. However, our interest cost is one of the lowest. We tailor products that suit your individual needs. Our goal is to structure a low-interest-cost product that’ll allow you to pay off your mortgage years earlier, saving you tens of thousands of dollars in interest costs, fees, and charges. However, do you really know how much your loan is costing you?

The interest cost is what you’ll end up paying over the term of the loan. For example, if you take out a $300,000 loan at an interest rate of 8% over 30 years, you’ll pay around $492,466 in interest costs, not to mention other different fees and charges. So the interest rate is slightly higher than 164%.

Interest is calculated on the daily outstanding balance of your loan. You can reduce the interest payable by making extra repayments or depositing additional funds into your loan account or offset account to reduce your balance. You may be able to redraw these funds as and when you need them. Make sure there are no redraw fees, as this defeats the purpose.

It is interest calculated on both the amount lent or borrowed and the amount of unpaid interest already earned or charged. Compound interest is a fundamental component of the laws of money, and I doubt that 95% of retirees would require the government pension for support if it was taught in school as part of a money management unit. If all who learned it applied it, far more than the current 5% of people would attain financial independence!

By consolidating various smaller debts like credit cards or personal loans into one large debt, you may be able to lower your monthly repayments and track your repayments more effectively.

Contrary to what many borrowers may think, Lenders Mortgage Insurance does not protect the borrower should they be unable to make mortgage repayments. Rather, it protects the lender from any losses resulting from the sale of a property due to the borrower's default. LMI premiums are payable by the borrower when the amount borrowed is above a certain percentage, usually 80% of the lender’s valuation of the property.

In conjunction with the submission of your official home loan application, you may need to provide supporting documentation that confirms your identity and substantiates your income. Documents can include: -Driver's License - Birth Certificate - Recent Pay slips - Tax returns - Bank statements Rates notices (if you already own property):

A simple, quick and comparatively trouble-free finance product. This type of loan caters mainly to self-employed borrowers who are unable to provide full financial statements and other evidence of their income. There is a growing range of low-doc products on the market, with many lenders offering standard and premium low-doc loans with the choice of a fixed or variable interest rate. Borrowers also get access to a range of loan features and options never previously available. However, most lenders require low-doc borrowers to take out lenders’ mortgage insurance when borrowing up to 80 percent of the property value. Some lenders also charge a higher interest rate for these products. These rates may be reduced after a certain time period or when you are able to provide tax returns. The challenge is to find the best loan with the best features for your particular circumstances. That’s where your Fast Repay Home Loan Finance Coach can help.

A settlement refers to the completion of the sale; it occurs when the borrowers take possession of the property if they’re purchasing a new property and when the new mortgage takes effect if the borrowers are refinancing.

A Settlement usually takes place 2–4 weeks from the date the home loan is formally approved.

You can choose to pay weekly, fortnightly, or monthly. The repayment can therefore be matched to your pay cycle.

That depends on whether your loan has interest-only repayments or principal and interest repayments. Interest-only repayments go down if you significantly reduce the balance of your loan. The principal and interest repayments stay the same no matter how much extra you put in. Those extra payments simply shorten the term of your loan.

The answer is no. You still need to meet the minimum monthly repayments, no matter how much extra you have paid. To take a "repayment holiday," you can redraw the extra repayments from the loan and use that money for the monthly payments. That way, you can temporarily stop using your own money for the loan repayments. Or if your loan offers an offset account and your loan repayments are direct debited from your offset account, you can simply deposit extra funds into your offset account and they’ll be direct debited from there as normal.

Fixed-rate mortgages offer certainty over the interest rate, but they take away some flexibility. Look at the fixed rates as a protection strategy. Consider the following factors: Will you lose the property if your variable-rate mortgage rate goes ridiculously high? Do you prefer to make money on a variable rate mortgage when interest rates fall or to be on a fixed rate when interest rates rise? How much flexibility do you require? Depending on your answers, you may decide to fix the entire mortgage, split it between fixed and variable, or leave it all on variable. Note that it is a part of our service to help you determine what works for you.

Yes, we have income protection insurance or even life insurance that will give you protection; however, you need to ask us about it during the loan application process.

We are required by Australian law to disclose the amount of commission payable to us as well as commissions shared with other parties. We disclose this during the loan application process after you have decided to proceed with one of the options we presented to you.

The comparison rate gives you an idea of the cost of your loan, taking into account the annual interest rate, any honeymoon periods, as well as fees and charges. The comparison rate is a good way to compare the all-in cost of borrowing across different products and providers.

Your repayments consider the annual interest rate, loan term, repayment frequency, and loan amount.

An interest-only loan basically means that for an initial period of up to ten years, your repayments will only cover the interest on the loan. At the end of this period, you will still owe the full amount you borrowed. The advantage is that the repayments are very low during this early phase of the repayment schedule. This loan is ideal for people who are borrowing for investment purposes.

Yes. You can redraw funds from your Fast Repay Home Loan to invest in shares, property, or whatever you choose. You can even redraw funds for personal use.

A valuation is a professional assessment of how much a property is worth.

An independent property valuer will inspect the property, consider all the factors that affect the value, and provide a professional property valuation report.