It's important to remember that when you take out a mortgage, there's an expectation that you'll be capable of making regular repayments on the remaining balance. Sometimes people focus so much on saving up their initial home loan deposit for their property in Brunswick that they forget to plan for the future.
Taking the time to budget for expenses ahead of finalising your mortgage is a great way to wrap your head around your financial commitments, as well as giving yourself a plan of attack for your repayments.
For example, there are loan repayment calculators online that can be used to give you the figures you need to make this budget as accurate as possible. Most of these calculators will ask you to input your home loan amount, your interest rate and the type of home loan it is.
On top of this, it will need your repayment period (whether it be weekly, fortnightly or monthly) and the length of your mortgage term. From here, these basic details will spit out the amount you need to pay at each interval – giving you the chance to plan ahead.
Whether you want to pay the minimal amount or extra – if you loan allows for it – is completely up to you. But organising this sooner rather than later is a great way to put you in a strong position for the future.