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Tip Store: Banking: Interest Rates


Keep Your Payment Level

With all the recent interest rate drops on home loans there have been massive decreases with payments. We are fortunate with a low mortgage but have always paid a little extra (even $20 helps). As the interest rates drop, if you can afford it...keep your payments at the previous amount. We haven't lowered our payments and now pay an extra $150 a fortnight on our loan! We simply ignore the letters the bank sends to inform us our mortgage payments have decreased and live as if they are still as they were six months ago. If you've already budgeted for the higher amount it shouldn't make a difference to your daily spending anyway. Also, if you're keen to work out how many years and interest you save with extra payments, many banks have online calculators to work this out. By paying our extra $150 I think we're saving ten years off the length of our home loan! This is a great check-up when we're feeling tempted to redraw or decrease our payments.
​- Contributed by Laura, Jingili, 29th April 2009

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  • Home
  • Join the Club!
    • Twenty Reasons to Join the Cheapskates Club
    • Gift Memberships
  • About Us
    • Cath's Story
    • Ask Cath
    • Glossary of Cheapskating Terms
  • Forum
    • Current Forum Discussions
    • How to Use the Member Forum
  • Inspiration
    • Getting Started
    • Handmade Christmas Central >
      • Handmade Christmas 2025 is about to start
    • 31 Days of MOO Index
    • Articles
    • Back to Basics >
      • Back to Basics
      • Back to Basics Index
    • Housekeeping Routines
    • Budget Renovations
    • Saving Stories
  • SAVING REVOLUTION
    • 2025 Saving Revolution Index
    • Saving Revolution Resources
  • Recipes
    • Recipe File Index
    • Meal Plans
    • Add a Recipe
    • $300 a Month Food Challenge >
      • $300 a Month Food Challenge
      • The $300 a Month Food Challenge Forum
  • Newsletters
    • Newsletters 2025
  • Saving Money
    • Bill Paying System
    • Cheapskates Tip Store
    • Tip Sheets
    • Top Tip Competition
  • Contact
    • Changing Details
    • Help Files