Rounding your repayment up to a higher amount will assist you in paying your loan off faster.
Principle and Interest
- This loan option is one that is designed to have you pay your mortgage off within the delegated term of the loan, normally within twenty five or thirty years.
- This means you pay the interest component plus a little extra each week, fortnight or month with the view of owning your home at the end of the long term.
- At the end of the loan period the loan is paid out in full.
- Loans are usually taken out by people wishing to own their home.