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How to pay off your Home Loan faster
04/07/2008 - By Natalie van Veen
Paying off a home loan as quickly as possible is a smart financial move. Sometimes it doesn’t seem like it, but just chipping away a little extra from your loan can make a huge difference in the future.
Check you have the right loan
I recommend Aussie Home Loan Mortgage Advisers. Making sure you have the right loan is the most important thing. You want one that offers flexibility and allows you to pay if off faster. Call a mortgage adviser to help you review your existing loan to ensure its right for you.
Increase your repayments
This may seem obvious but the best way to reduce your mortgage is to simply increase your regular repayments. Even a little bit can make a big difference over time. The power of compounding interest means that every bit extra you pay into your mortgage will make a huge difference over time.
Pay fortnightly instead of monthly
There are 26 fortnights in a year but only 12 months, so by dividing your set monthly repayment in two you will make an extra month’s repayment each year.
Make extra repayments whenever you can and keep your repayments the same if interest rates drop – you won’t notice a difference in your monthly budget, but it could make a big difference to your mortgage.
Tips to help you save a little extra that could go towards your mortgage instead
- Take sandwiches into work instead of buying lunch
- Cut down on buying daily coffees from the cafe
- Read the newspaper on the internet rather than buying it
- Give up smoking!
- Cut down on alcohol consumption!
- Keep tabs on supermarket specials and buy in bulk
- Take public transport if it is easily accessible
- If you have to drive to work, find cheaper parking even if you’ll have to walk further to the office or even better, car share and share expenses
- Sew your own clothes
- Wear less make-up, i.e. just use a concealer, foundation, eyebrow pencil, mascara, overall bronzer, lip gloss and forget the rest!
...it’s surprising how much little things can save us.
