HOME MOVERS

Down Payment Of “Home Loan” – The interest charged on your home loan is calculated on the difference between the home loan balance less the balance in your savings account. This works the same way as if you had paid the money directly into your home loan but instead the money is kept available to you in your savings account.

Use monies such as your tax refund or bonus payments to drive down your loan. If these monies haven’t been allocated elsewhere, you can make a large dint in your home loan by paying off lump sums. You may like to set aside some of your bonus to reward yourself for a job well done, but try to allocate a portion of these amounts to your home loan to drive this debt down. You can always reward yourself later when you are living in your home debt free (some food for thought!).