Your Goals & Dreams
Repay Your Loans
Most people have some debt and it may be in the form of credit cards, personal loans, mortgages or investment loans. When considering the best strategy to repay your debts, it is worth looking at comparison interest rates, monthly fees and whether the loan is tax deductable or not. Generally it is worthwhile paying above the minimum repayment amount, repaying your loans more frequently and seting up your finances so the payment is made automatically after you receive your salary each fortnight or month.
A Gold Leaf Financial Planner can help you with strategies to structure your debt and loan repayments to:
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pay off your debt faster
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save interest on your loans, and
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use the savings to fund your goals and grow your wealth.
Kate and Matt pay off their mortgage sooner
Kate and Matt have a $420,000 mortgage on their family home and came to see a Gold Leaf Financial Planner to see if they could repay their loan faster and pay less interest to the bank. Working with their planner they looked at their spending and identified ways to save extra money each month. Their adviser also recommended ways to structure their savings and loan to minimise the interest payable.
Through making these changes, they will be able to save $70,000 interest over the life of the loan. As they will be debt free years sooner, they will not have to worry about having a mortgage to repay. At this time they will have thousands of dollars each year available to travel and to grow their wealth and savings for retirement.