Just remember there are no silver bullets against the mortgage monster. And too often lenders prey on that desire with worthless products you should avoid at all costs. Would you believe well over a third (37%) of homeowners have their nests paid off free and clear? 1 Sounds dreamy.īut some shady businesses know how much, and how many people would love to find a way to speed up their mortgage payoff. The American dream of owning a home-and we mean really owning it, by paying off the whole mortgage-is alive and well. As great a goal as that is-and we agree it’s awesome-not all programs are created equal. “Mortgage accelerator” just means accelerating how fast you pay off your mortgage. Either way, let’s see what they are and how they work. If the concept of having no payments appeals to you, we want you to know that you can cut years off your journey toward free-and-clear home ownership! Your success may or may not involve a mortgage acceleration program. Anything that gets you debt-free faster is good, but some of these programs take you into debt deeper and longer. You can also use our mobile app to make a lump sum payment on your variable home loan.Mortgage acceleration programs offer homeowners ideas-some good, some terrible-about how they can hurry up and pay off their houses. Send a secure mail to our online customer service team through internet banking or our mobile app, or give us a call on 0800 000 654 and we’ll increase your regular payments or move a lump sum across for you. How to increase your repayments or make a lump sum payment Lump sum payment on a fixed rate home loan needs to be at least $1,000. If you've split your home loan into more than one fixed term loan, for example you have some fixed for one year and some fixed for three years, the early repayment limit will apply separately to each fixed loan. If you do, you could be charged fixed rate break costs. If you have a fixed rate home loan, check with us that you won’t be paying more than 5% of your home loan balance in a year. Lump sum repayments on a fixed rate home loan You can easily do this on the mobile app. With a variable home loan (also known as floating home loan) you're able to make as many additional payments as you'd like. Lump sum repayments on a variable home loan If you come into some money or manage to build up your savings, putting that on your home loan could reduce the time it takes to pay off your mortgage as well as how much you end up paying in interest. Android app-store-apple app-store-google arrow-black arrow-d arrow-green-two-toned arrow-green arrow-r arrow-u arrow b-corp-certification Logo-BB bg-warning breadcrumb calculator-big calculator caret-d-thick caret-d caret-l-bold caret-l caret-r-bold caret-r caret-u chevron-black chevron-dropdown chevron-green-two-toned chevron-light chevron-medium-black chevron-medium-down chevron-medium chevron-skinny chevron circle-arrow clock close-x content-tip-flip content-tip-orange content-tip-white content-tip csv document email-experts facebook fax hamburger info-bg info inner-kiwi iphone kiwibank-logo-black-text kiwibank-logo-md kiwibank-logo-print kiwibank-logo-rebrand kiwibank-logo-sm kiwibank-logo link linkedin load-next location-experts Email_PMS350 marker-small marker menu mobile-experts Mobile_PMS350 mouse padlock-outline-black padlock-outline padlock pause pdf pencil play-big play-black play-rounded Play - sharp Play-small play postshop-logo quote-mark radio_button-checked radio_button rainbow-tick-white rebrand-alert-square rebrand-arrow-right rebrand-facebook rebrand-info-square rebrand-instagram rebrand-left-right-arrows rebrand-linkedin rebrand-list rebrand-location-pin rebrand-twitter search speech-bubble telephone-experts Phone_PMS350 text-bullet tick-green-white-background tick-green tick twentyfour-hours twitter user video-big video warning
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