RNZ's money correspondent Susan Edmunds answers your questions.
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Does it make any material difference to the interest you pay on a mortgage whether you pay extra money every fortnight as opposed to making the minimum repayments and then a lump sum before you refix? This year I've bought my first house with a two-year fixed interest rate. Because of the economic situation and to give myself some breathing space, I'm only paying the minimum fortnightly repayment. However, I'm saving $200 per fortnight with the aim of making a lump sum payment at the point I refix my mortgage in two years. I'm curious about which way is best to reduce interest paid over the life of the mortgage.
