Interest Saver Plan

RECEIVE YOUR FREE INTEREST SAVER PLAN AND SAVE THOUSANDS OF DOLLARS IN INTEREST!

We endeavor to get in touch as soon as we can.


09 845 4545

022 444 4470

sunil@lifesecure.co.nz

4098 Great North Rd,
Glen Eden, Auckland-0602

Pay Off Mortgages Faster by Finding the Best Home Loan Rates
For many people, buying their own home is a long-held goal that they must achieve. There are plenty of benefits of home ownership: it can be a great form of enforced saving, can protect you from rising rental costs and, if it’s well chosen, having your own home should provide you with an asset that increases in value. For many, shopping for a home can be an emotional experience.

When you start shopping for the accompanying mortgage and looking around for the best mortgage rates, though, put that emotion aside. All that stands between you and a way to paying off your mortgage faster might be some tough negotiation skills!

How much does a mortgage really cost?

Many Kiwis just simply pay their mortgage every month without ever thinking of how they could be getting a more affordable home loan in the long run. You spend the time making mortgage comparisons, so you can get the best rate, so why not take a few steps to reduce your repayments?

The exact cost of a mortgage will, of course, vary from person to person. But it is likely to be the biggest debt you will ever have – even after your dedicated search to find the best mortgage rates! So, it’s worth knowing just how much interest you could pay over the life of the loan. As an example (and please note that the below calculations are indicative only):
Interest on a $300,000 loan at 5.6% over 25 years
LOAN $ $ 300,000
TERM 25 Yrs.
INTEREST RATE 5.60 %
MONTHLY REPAYMENTS $ 1,860
TOTAL REPAYMENT $ 558,066
TOTAL AMOUNT OF INTEREST PAID $ 258,066
Interest on a $300,000 loan at 7.6% over 25 years.
LOAN $ $ 300,000
TERM 25 Yrs.
INTEREST RATE 7.60%
MONTHLY REPAYMENTS $ 2,236
TOTAL REPAYMENT $ 670,957
TOTAL AMOUNT OF INTEREST PAID $ 370,957
So, your dream $300,000 home might actually cost you more than $550,000 over the life of your mortgage. That’s assuming our currently-low interest rates remain; if rates were to rise by two percent, the $300,000 mortgage could cost the following:


How do I pay off my mortgage faster?

Paying off your mortgage faster takes a combination of shopping around for your ideal mortgage rates and learning a few simple strategies. There is no point in paying more out of your hard-earned money than you need to. In all the strategies outlined below, we use as the comparison point our original example of a $300,000 mortgage over 25 years at a rate of 5.60%.

How do I negotiate for best mortgage rates?

“A good start for home loan negotiations to compare current mortgage rates, so you can go into negotiations with the advantage of knowing what the market is doing.”

To negotiate with financial institutions for best mortgage rates, first remember that they do want your business and some are prepared to reduce their rate in order to attract you. A good start is to compare current mortgage rates, so you can go into negotiations with the advantage of knowing what the market is doing.
So do some research, find a product that has the features you need for an attractive home loan rate and phone your financial institution to see whether they can match it. How much could you potentially save? Plenty! Even an interest rate reduction of 0.4% – from 5.60% to 5.20% – could potentially save you the following:
Interest on a $300,000 loan at 5.20% over 25 years
LOAN $ $ 300,000
TERM 25 Yrs.
INTEREST RATE 5.20%
MONTHLY REPAYMENTS $ 1,788
TOTAL REPAYMENT $ 536,671
TOTAL AMOUNT OF INTEREST PAID $ 236,671
INTEREST SAVING COMPARED TO ORIGINAL $ $21,395
Interest on a $300,000 loan at 5.20% over 25 years.
LOAN $ $ 300,000
TERM 25 Yrs.
INTEREST RATE 5.20%
MONTHLY REPAYMENTS $ 1,860
TOTAL REPAYMENT $ 516,632
TOTAL AMOUNT OF INTEREST PAID $ 216,632
INTEREST SAVING COMPARED TO ROIGINAL $ 41,434
Negotiating a lower interest rate and maintaining your monthly repayments at their previous level can save you even more. In our original example, negotiating a 0.4% reduction in interest rate, but maintaining repayments at $1,860 per month would look as follows.