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  • December 5, 2019

Is Making a Lump Sum Payment Off Your Mortgage Worthwhile?

If you are like many people, there will be occasions in your life where fortune favours you, and you are in possession of funds that you do not need to cover your immediate financial commitments.

What to do with these excess funds, often presents a quandary for those unused to being in such a position.

Unfortunately, many such people when placed in this situation, make poor decisions and don’t take advantage of their good fortune for their longer-term benefit.

As a Melbourne Mortgage Broker, we know that one of the best things that you can to if you do have surplus funds at any stage of the period in which you are paying off a mortgage, is to use the surplus funds to make a lump sum payment against your mortgage.

Any Mortgage Advisor in Melbourne who is accredited to act as a Melbourne Mortgage Broker, will tell you that the benefits of doing so are substantial. These benefits include;

  1. Significant savings in the total amount of repayments that you will make over the life of your mortgage,
  2. Marked reduction in the number of future months in which you will need to find funds for mortgage repayments,
  3. Opportunity to become mortgage free prior to retirement, and
  4. Ability to eventually use the funds then no longer needed for mortgage payments, for making other investments, to secure your long-term future.

Our website provides a range of useful calculators including a Lump Sum Repayment Calculator which you can use to determine for any lump sum amount paid against your mortgage, the number of months your loan repayments will be reduced by, and the total savings that not having to make these monthly repayments in future, will deliver to you.

You can click on the following link to access our Lump Sum Repayment Calculator. Try it with varying amounts, and you will soon see the benefits of using any surplus funds, that you may be fortunate to have available in the future, to reduce the amount of your outstanding mortgage.

Remember that using any surplus funds for short term gratification, can prove very costly, and here at Oz Lend, we hope that our lump sum repayment calculator will convince you to act prudently with any surplus funds you may have available, whilst you have a mortgage debt.

Oz Lend are a very experienced and totally trustworthy Melbourne Mortgage Advisor who specialise in Mortgage Loans for residents of Bentleigh and all nearby suburbs who need the services of a Melbourne Mortgage Broker.

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