Making repayments on your home loans can become tiresome after a while, so you might want to think of adopting some strategies to speed up the process.
There are several ways of achieving this – the best idea is to weigh up your options and see which are suited to your personal circumstances.
Pay off your other debts
Once your other debts have been paid off, you should find you have more money to spend elsewhere – such as paying off your home loan.
This includes everything from credit cards to personal loans – you'll be surprised how much of an impact a debt-free lifestyle has on your financial wellbeing.
Use your pay rise wisely
If you're fortunate enough to get a pay rise at work, commit to using some of it to pay off your home loan.
Bear in mind that you've managed without the extra cash before, so putting it to good use will ensure you don't spend it on unnecessary expenses.
Set up more frequent payments
Most people set up monthly mortgage repayments, but have you thought about making them on a fortnightly basis instead?
This might involve some careful financial planning and budgeting on your part, but it'll pay off in the long run.
Don't respond to interest rate falls
If you've got a fixed-rate home loan, it's a good idea to keep your repayments the same even when the official cash rate falls.
You won't notice any difference, except of course when you realise your mortgage balance is being paid off quicker than it was before!
Choose the right home loan
All of these factors come down to one common theme – selecting the right home loan in the first place.
If you have a mortgage that is suited to your needs then you should find it's not too difficult to pay it off quicker.
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!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.