DEBT REDUCTION

Our team at Fintacs can help you with a debt reduction strategy that will pay down your creditors and help you reduce the tenure of your loans.

We help our clients understand the “debt cycle “process. It is imperative that clients pay down all their bad debts that do not offer any tax deduction and are related to things like main residence, credit cards, personal assets and personal loans. We help them with strategies to build portfolio of investments with deductable debt and in the process minimise tax and increase their net worth.

Here are some great tips for paying off your mortgage faster:

• Fortnightly repayments of home loan help you make extra mortgage payments every year and could save about 5 years off a 30-year loan at today’s rates.
• Maintaining higher repayments help reduce the interest payments.
• Scout for cheaper interest rates thru refinancing loans.
• Should you have any windfalls like bonus, tax refunds, inheritance, etc you should pay down the loan, as that would further reduce your interest payments and tenure of loan.
• Set up an offset bank account against your home loan.