Paying off your mortgage early is the dream of everyone with a home loan. Paying off early will saving you money, and the removal of one of the largest financial burdens we face will bring great relief to you and your family. Here are some ways to get rid of your mortgage sooner.
Switching to fortnightly payments of half your monthly repayment will mean you make an extra repayment each year (as each year as 26 fortnights).
Linking an offset account can have a massive impact. An offset with a healthy balance can save thousands in interest which reduces the time to pay off.
Cutting back on expenses (if you can!) means you can direct more money to the mortgage.
Make extra payments. Tax returns, bonuses, flogging your unwanted garden tools on Marketplace... it all adds up.
Making higher repayments than the minimum repayment will all add up over time.
Switch to a loan with a lower interest rate, but keep your repayments at the higher amount.
If you would like to know more about how to optimise your finances to pay off your mortgage sooner please get in touch!