Why Now is the Perfect Time to Review Your Home Loan
Interest rates in New Zealand are finally starting to ease, giving homeowners a chance to reduce repayments when they refix their mortgage. But instead of simply enjoying lower payments, what if you used this opportunity to pay off your mortgage faster and save thousands in interest?
At Mortgage Sense, we specialise in home loan advice, helping clients structure their loans to achieve long-term savings and financial freedom.
Keep Repayments the Same – Even When Rates Drop
If your mortgage repayments have been manageable at higher rates, consider keeping them at the same level once your interest rate reduces.
Example:
- Mortgage amount: $650,000
- Standard repayment: $1,564 per fortnight
- Extra repayment: $236 per fortnight (rounded up to $1,800)
This small change can save you almost $160,000 in interest and shorten your mortgage by almost 7.5 years.
Run your own scenarios now using our mortgage calculator and see how much can you save by just putting a little extra on your regular repayments.
Do You Have the Right Bank for Your Mortgage?
Not all banks offer the same level of flexibility. The right bank can give you access to:
- Revolving Credit Accounts – Allows you to reduce your balance daily and save interest.
- Offset Loans – Links your savings to your mortgage to minimise the interest you pay.
These features aren’t available everywhere, which is why expert mortgage broker advice in New Zealand can help you compare your options.
Why a Mortgage Review is Essential
An effective mortgage review goes beyond getting the lowest rate. It ensures:
- You have a structure designed to pay off your mortgage faster.
- Your bank allows flexibility to increase or decrease repayments when needed.
- You can take advantage of features like offset accounts or revolving credit.
Take Action with Mortgage Sense
Interest rates are dropping – now is the time to review your mortgage. Whether you need a home loan advice or want to switch to a better bank, we can help.
Contact me, Yatin Kainth, for a free review and let’s see how much we can save you.
