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How to pay off your mortgage faster

Posted in News

Follow these tips and stay on top of your home loan while reducing the years you have to pay it off!

Synchronise your paycheck and your mortgage payments

If you get paid fortnightly, align your mortgage repayments to be paid fortnightly. This will mean that you pay less interest throughout your home loan.

Put lump sums in your mortgage repayment

If you receive a large sum of money such as a tax refund, work bonus or investment dividends then consider putting these in your mortgage account.

When interest rates become stable increase your repayments

When there is a cut, keep your mortgage repayments at the same level if you can, to cut years off your loan.

Have a regular mortgage health checkup

Make sure you regularly reassess the option of refinancing whether it’s with your existing lender or a new one. For example, you may be better off changing from a fixed interest rate to a variable one, if rates have changed dramatically. This way you will be sure to get the best deal available at the time.

Create a savings account to offset your loan

Creating a saving account to offset your loan will create a situation where the interest earned on your savings offsets the interest payable on your loans, and therefore reduces the amount of interest you need to pay.

Have your income paid into your offset account

Having money in your offset savings account for as long as possible means that you will get maximum interest and therefore maximum offset on the payable interest.

 

Follow these handy tips and you will be sure to pay off your mortgage faster!