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How is interest calculated on home loans?

April 26, 2017calculated home loans

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How is interest calculated on home loans?

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Interest on home loans is calculated daily and charged monthly. However, one way to pay your home off more quickly is to split the monthly payment in half and pay fortnightly, effectively making 13 payments each year instead of 12. This could save thousands of dollars and shave years off your home loan. For more information on how you could pay off your home sooner, just ask your Savannah consultant.