5 Strategies to pay off your mortgage faster and save

October 09, 2017
Kristen Hills

Do you want to save and pay your mortgage off faster?

Implement these 5 simple tips to get ahead with your home loan.

Step 1  Do you know what interest rate you're paying?

With interest rates at an all time low, now is a great time to talk to your local Mortgage Choice broker for a complimentary Home Loan Health Check to ensure that you are receiving the best possible rate/product on your mortgage.

Step 2  Increase your repayments

Even a small amount like $10, paying a little bit extra off your loan can make a big difference.  An easy way to pay off your home loan quicker is to make small changes like rounding up the repayments to the nearest $10, which does not put such a strain on your budget.

Step 3  Paying more frequently

If you are paying your loan monthly, you may want to consider changing the repayments to fortnightly or weekly if it suits you.  Try our online Fortnightly Repayments calculator to see how much you could get ahead with your loan and even save!

Step 4  Getting a tax refund or salary bonus?

Before you go spending that tax refund or annual salary bonus, putting those lump sums towards your home loan can make a huge impact to your loan balance. Check out our Lump Sum Payments calculator to just see how beneficial a lump sum can be when it’s used to decrease your mortgage.

Step 5  Get smart about what to do with spare cash

Chat to us your local Mortgage Choice broker to find out how to make your money work harder.  An offset account can help you save on loan interest while being accessible.  We can explain more about the features and benefits of an offset account and whether it is suitable for your needs.

As your local home loan experts we are here to assist with all of your financial needs and goals. With the help of Antony Muir and his expert team we will provide you with professional financial and home loan guidance. Call Mortgage Choice Bundall today on 07 5504 5569 for an appointment and let us help you achieve your financial goals.

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