How To Pay Off Your Mortgage Faster

If you’d like to pay down your mortgage faster there are some things you can do:

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