29/09/2022
Pro Tip: Switch to fortnightly payments to become mortgage-free faster
Let’s say you pay $2,000 a month, that’s $24,000 per year. If you change your repayments to $1,000 per fortnight, you will pay back $26,000 annually as there are 26 fortnights per year.
Couple this with the fact that interest is calculated daily, and you are paying more frequently, and you will be reducing the interest you pay over the lifetime of the mortgage.
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