Financial comparison website Mozo’s spokeswoman Kirsty Lamont advised home loan borrowers to take quick action and deposit some extra repayments of loan because it is being predicted that interest rates on debt are going to rise in next months.

According to Australian financial experts with extra repayment of $100 borrowers will able to save $33,000 from interest rate charges. Similarly, their period of payment will also decrease. John Flavell the chief officer of Mortgage Choice says, the recent changes in home loan interest rates and recovery cycle gave an opportunity to borrowers to review their home loan.




The major reason behind the advice of extra repayment of home loan is not only upcoming rise in interest rates but also the decline in the value of Australian dollar against American dollar.

Tags: interest, loan, mortgage