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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

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Mortgage words first home buyers need to know

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The January 2020 changes all first home buyers need to know about

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Why you should reconsider hosting an open house inspection

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Three things you should never do at an open house inspection

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Simple things you can do to increase the value of your home

Simple things you can do to increase the value of your home

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  1. Home
  2. Finance

3 ways to pay off your home loan faster

Reach financial freedom faster - by Laura Barry
  • 03 Aug 2018

Managing a home loan is one of life’s big responsibilities, and while it can be a challenge in the current housing market, paying off your home loan faster than planned isn’t impossible. It all comes down to planning, and making simple changes when the opportunity to do so present themselves. Gemma Dale, NAB finance specialist, gives us her advice and ideas for paying off a home loan faster.

Make repayments more often

If you get paid fortnightly, make your mortgage repayments fortnightly too, rather than monthly. It sounds simple but changing your payment frequency to fortnightly can make a huge difference as it will reduce the amount of interest you owe at the end of the month and means you can squeeze in extra repayments each year.

Round up

If your minimum repayment is, for example, $2120 a fortnight, why not make it $2200? It doesn’t seem like a lot, but that extra $80 a fortnight could make a big difference to your home loan. An extra $2080 towards your mortgage each year.

Use your pay rise and lump sum payments smartly

The temptation to spend your income or any lump sum payments you receive is huge, particularly if you receive an attractive pay rise. Try putting your salary increase and the lump sum payments, such as a tax return, work bonus, inheritance or dividend payment, straight onto your home loan. You won’t notice the difference and you’ll be paying off your mortgage much faster.

All the advice in this story is general in nature and has not taken into account your objectives, financial situation or needs. Because of this, before acting on any advice, you should consult a financial planner to consider how appropriate the advice is to your objectives, financial situation and needs.

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  • Finance
  • Better Life
Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

{headline}

{headline}

Mortgage words first home buyers need to know

Mortgage words first home buyers need to know

Mistakes Australians make when preparing for retirement

Mistakes Australians make when preparing for retirement

5 legal ways to reduce your capital gains tax on investment property

5 legal ways to reduce your capital gains tax on investment property

How you can save money on your home loan by going green

How you can save money on your home loan by going green

{headline}

{headline}

This is how long it takes to save a home deposit in Sydney

This is how long it takes to save a home deposit in Sydney

The potential property hotspots for 2020

The potential property hotspots for 2020

The January 2020 changes all first home buyers need to know about

The January 2020 changes all first home buyers need to know about

{headline}

{headline}

Why you should reconsider hosting an open house inspection

Why you should reconsider hosting an open house inspection

Three things you should never do at an open house inspection

Three things you should never do at an open house inspection

How to choose the right home loan for you

How to choose the right home loan for you

Simple things you can do to increase the value of your home

Simple things you can do to increase the value of your home

Home loan application advice for first-time buyers

Home loan application advice for first-time buyers

How to keep your Airbnb property booked all year round

How to keep your Airbnb property booked all year round

The upfront costs that hit the hardest when buying a house

The upfront costs that hit the hardest when buying a house

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