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Myth Busters
It's sad but many people mistakenly believe they are paying their mortgage off faster when in fact they're not. Often they've taken advice from well meaning friends who have suggested things like:
- Fortnightly Payments
- Chase the lowest interest rate
- Use a Credit Card to save interest
All these ideas are founded on good principals: unfortunately though they don't deliver the results expected. Yes, there are small gains (I stress small gains) from doing all of these things but as you will see below they don't deliver the tens of thousands of dollars sometimes promised.
The most disturbing thing is they have become Urban Myths, promoted by people who should know better but have not taken the time to fully understand the advice they are giving.
So let's look at them one by one and get to truth of the matter:
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