Homeowners struggling against the rising costs of living – including inflation, interest rate and fuel price hikes – may not know that there are ways they can save money on their home loan repayments.
– Renegotiate the interest rate on your home loan
– Renegotiate the repayment term on your home loan
– Apply for a payment holiday
– Take advantage of Flisp (Finance Linked Individual Subsidy Programme)
– Use your savings to soften the blow
FOR HOME BUYERS
– Work with a bond originator to secure a competitive interest rate
– Save up for a deposit (this suggests a lower lending risk)
– Maintain a good credit score
– Weigh up the pros and cons of fixing your interest rate
Read the full article here.
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