Five tips to paying your mortgage faster
When you make your repayments monthly, you make 12 payments each year. Try paying half the full amount each fortnight. With 26 fortnights in a year, you’ll pay the equivalent of an extra month’s repayment – without feeling the pinch
Make extra repayments
Even small amounts can make a major difference. On a loan of $250,000, paying just $10 extra each week can see you mortgage free more than 3 years sooner. And you could slash $19,500 off the total interest bill in the process.
Make your lender a one stop shop
Having all your financial needs serviced by one lender is more than just convenient – it can also save you money. Some banks will package all your accounts together and cut account keeping fees
Get an offset account
An offset mortgage account can mean big savings on your home loan interest. You only pay interest on the difference between your home loan and your savings. It’s like earning a tax-free return on your cash.
Give your mortgage an annual health check
Our personal circumstances can change rapidly, and the loan that was right for you a few years ago may no longer offer the best solution. Use our free home loan health check to see that your loan still offers the features and service you need at a competitive rate