Getting a substantial tax return can feel like winning the lottery. While it’s tempting to splurge on a vacation or a shopping spree, consider a more strategic move: putting that extra cash towards your mortgage. Making a lump sum payment on your mortgage can save you significant money over time and help you achieve your financial goals faster.
When you make a lump sum payment, you reduce your loan balance. This reduction means less interest accrues on your remaining loan amount. As a result, a larger portion of your regular mortgage payments goes directly towards the principal, not the interest. This shift can not only reduce the overall interest you pay but also potentially shorten your loan term.
It’s a simple yet effective strategy that can make a significant impact over time. If you're interested in exploring this option further, we're here to help. Book a FREE discovery call with our team. Let's make your tax return work harder for you and bring you closer to achieving your financial goals.
Refinancing your loan can be a smart financial move—but how do you know when the timing is right?
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Saving for a house deposit? Make your money work for you! Instead of letting your savings sit idle, you can take advantage of high-interest savings accounts to earn interest while you build your deposit.
At Noma Finance, we believe that financial wellbeing is essential to achieving a balanced and fulfilling life. That’s why we’ve put together this guide to help you create a vision board that captures your aspirations and focuses on your financial goals for the new year.
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