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How to pay off your mortgage faster
If you’d like to pay down your mortgage faster there are some things you can do:
- Borrow less than you can afford – purchase a property that doesn’t use all your borrowing capacity.
- Save a large deposit – a larger deposit means a smaller mortgage and less interest.
- Increase repayment frequency – switch to fortnightly or weekly repayments which will help pay down your loan faster.
- Make higher repayments – boost your repayment amount and pay off your loan sooner.
- Use an offset account – reduce the interest on your loan with improved products.
- Refinance – compare loan products and find better options that might be able to save you money.
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