16 Jan 2024
Breaking News: Congratulations to Abi and Prem, the lucky ‘Refinance & Rejoice’ Winners of $50,000!
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The main reason why a principal reduction occurs. When the homeowner comes into a windfall of money, such as an inheritance, sale of assets or maturing Superannuation. They decide to put a significant amount toward their mortgage, which reduces the outstanding amount owed and the principal. This is great news because the interest charges also fall.
If you paid down a significant amount, the reduction is good. To get started, simply transfer funds into your mortgage as if it was an ordinary bank account.