Pay off your mortgage before retirement: Tips to help get you debt-free


Taking out a home loan is a lifelong commitment and is something that will most likely last you through the majority of your adult life. However, with the population of Australia becoming older and people purchasing property at later ages,this could prove problematic.

People are less likely to be able to afford making mortgage repayments following their retirement, which could lead to a number of financial difficulties and emotional strains. However, here are some tips to help you get debt-free before retirement so you can enjoy your golden years without stress.

Refinancing your home loan

During the course of your repayments, you may find the the suitability of your first home loan restricting on your overall financial health.

Whether this be a huge interest rate, a desire to change the type of home loan you have or simply to modify your repayment amounts, looking into refinancing your home loan can provide you with a wide range of options to consider.

Take advantage of the cash rate

Australia's official cash rate is currently resting at an historically low level. This has had a wide range of effects across the nation, with one of the main ones being a drop in interest rates for home loans and other credit products.

Taking advantage of this during your application or refinancing efforts could help you to secure a lower interest rate – helping you to reduce the overall amount of your repayments in the long run.

Furthermore, if you find yourself with some extra cash for any reason, it could be worth making a large lump sum repayment to help really chip away at the home loan debt.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!


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