10 ways to pay off your mortgage faster

Paying off your mortgage faster can save you thousands in interest and help you achieve financial freedom sooner. Here are 10 ways Australians can shave 10 years off their home loan:

1. Make Fortnightly Payments

Instead of paying monthly, switch to fortnightly repayments. Since there are 26 fortnights in a year, you’ll effectively make an extra month’s repayment annually, reducing interest and shortening your loan term.

2. Make Extra Principal Repayments

Even small additional payments towards your principal each month can significantly cut down the total interest paid and the length of your mortgage.

3. Round Up Your Repayments

If your home loan repayment is $2,150, round it up to $2,200 or more. These small extra amounts add up over time.

4. Use Lump Sums to Pay Down Your Loan

Put tax refunds, bonuses, and any unexpected windfalls straight onto your mortgage. Even a few thousand dollars here and there can make a big difference.

5. Refinance to a Shorter Loan Term

If you can manage higher repayments, consider refinancing from a 30-year loan to a 20- or 15-year term. This reduces the interest paid and gets you mortgage-free sooner.

6. Make One Extra Repayment Per Year

If fortnightly repayments aren’t an option, simply making one extra repayment per year can still shave years off your loan.

7. Negotiate a Lower Interest Rate

Check with your lender for a better rate or compare options and refinance if necessary. Even a small rate reduction can lead to massive savings over time.

8. Cut Unnecessary Expenses and Redirect Savings

Review your budget and eliminate unnecessary expenses (like streaming subscriptions or daily takeaway coffees), then apply those savings toward your mortgage.

9. Use an Offset Account

An offset account reduces the amount of interest charged on your loan. Keeping savings in an offset account can significantly cut down the interest you pay and the length of your mortgage.

10. Rent Out a Room or Investment Property

If you have a spare room or can invest in a rental property, using that extra income to pay down your mortgage faster can be a smart move.

Would you like help running the numbers to see how much you could save?

Paying off your home loan faster doesn’t have to be complicated—you just need the right strategy! If you’re ready to take control of your mortgage and save thousands in interest, let’s chat.

As an experienced mortgage broker, I can help you:

✅ Find the best loan for your situation

✅ Negotiate a lower interest rate

✅ Create a personalised plan to pay off your mortgage faster

Reach out today for a free consultation—let’s get you mortgage-free sooner!

📩 DM me @rossthemortgagebroker or email ross@strategicbroker.com.au