Rather than 12 monthly payments you will actually make 26 fortnightly payments in a year. You will save on interest and you will end up paying off more capital in any given year.
For a $300,000 loan over 30 years this could save you almost $120,000 in interest payments over the term of the loan and you could reduce the term of your loan by around 7 years!
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Wednesday, November 30, 2011
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