/u/ribbonsofnight on How do home loans with weekly or fortnightly repayments charge their interest?

Macquarie boss Nick Moore used both to full effect last week when. cent of all bank loans. Hardly what you’d call a diversified portfolio. The big four banks have employed a neat trick since 2008.

If you’ve recently had a home loan approved or are already some way into your repayments, you may be thinking about how you can pay it off sooner rather than later. We explore some smart ways to shave interest – and years – off your mortgage.

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We all know that making fortnightly repayments will save you thousands in interest and shave years off your home loan. But, that is only true if your bank calculates the fortnightly the correct way!

If you wish you could pay off your home loan faster, you can change the frequency of home loan repayments or change mortgage repayment amount. If you wish you could pay off your home loan faster, you can change the frequency of home loan repayments or change mortgage repayment amount..

Weekly Mortgage Payment Calculator. This calculator will calculate the weekly payment for a new mortgage, and/or calculate the time and interest savings you could realize if you started making the equivalent of 13 payments per year (bi-weekly) or the equivalent of 14 payments per year (weekly).

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Most home loans have a monthly repayment scheduled by default. But most home loans also offer the option to make repayments weekly, fortnightly, or monthly. Still other providers allow borrowers to make repayments more or less frequently, with repayment frequency options such as daily, quarterly, semi-annually, or even annually.

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At a minimum, you want to be in the home long enough that the reduction in interest expense exceeds the loan’s closing costs. Don’t worry about options to make biweekly or weekly mortgage.

Overall, the interest on your home loan is calculated daily, but charged monthly. A home loan calculator will take into account only the fixed or variable interest on home loans, and give you an indication of how much interest you are likely to pay in each repayment and over the life of the loan.