Overnight With Michael Mclaren

Phil is joined by Chris Foster-Ramsay, Finance & Money Expert, Founder of Foster Ramsay Finance, who explains that "there are pros and cons to paying your mortgage off in full.”  “Leaving a small amount in your mortgage account means you can easily access additional funds without going through the usual 50-question bank rigmarole. Your home loan is potentially the cheapest credit you’ll ever get access to, so payingoff loans incurring high interest rates first is smart,” Chris says. “The downside to not paying off your mortgage in full is that you’ll continue to payinterest. You’ll also have to pay the ongoing fees for your home loan account.” Chris says leaving a small balance in your home loan account and speaking with your broker or lender about switching to an interest only loan means you’ll potentially pay a minimal amount each month, but if life serves you a curveball, and it undoubtedly will, you can easily use the equity in your home.&rdqu