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Paying Off Your Home Loan Sooner

Here are a few tips that can help you save thousands and take years off your mortgage:

1. Frequent Repayments

Make your loan repayments more frequently, such as weekly or fortnightly instead of monthly.

2. Increase Repayments

Increase your loan repayments when you can afford to or when interest rates are lower. Even paying a few dollars more a week can result in significant savings over the term of your loan.

3. Lump Sum Payments

Whenever possible, put any extra money you have into your loan.

4. Offset Facility

Use an offset facility to reduce your monthly interest. Instead of earning interest on your savings, you offset the interest against your home loan to reduce the amount of interest you pay.

5. Don't reduce repayments when rates are low

If interest rates fall, try to keep your loan repayments the same.

6. Plan your budget

Use The Mutual’s Budget Planner to see if you can find any extra money to pay more off your loan.

Questions?

If you have any questions, please contact us