Australian Style Mortgages
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Australian style mortgages
These are calculated on a daily basis, rather than on a traditional month by month system.
Australian mortgages encourage people to pay off their balances earlier, by making additional payments when they can afford to, and are based on a typical 15 year term instead of the standard 25. This can save you thousands of pounds in interest.
However, this type of mortgage does require a significant increase in the amount of monthly payments you make. This becomes a false economy if other expenditure is then placed on credit cards, or through unsecured personal loans.
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