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How do you pay a mortgage off faster?

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Many people aspire to pay their mortgage off faster, so they can be debt free sooner.

– Making additional payments to your home loan. For example opting to pay more each payment, or if you receive a bonus from work, or get gifted money. (Note: You should check with the bank/lender about any restrictions on making additional voluntary repayments to the mortgage).

– Using an offset account or revolving credit account intelligently. If you can manage having good savings and a well sized account, this can reduce the amount of interest charge potentially.

Some people feel that large interest costs can make it feel tiring when it comes to paying off their home loan.

A professional financial adviser can discuss with you whether we can adjust how your mortgage is structured, to achieve greater savings. It may also be possible to make voluntary repayments to help drop the principal of your loan faster.

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