How to Pay off Your Home Loan Faster
Nobody wants a home loan to last any longer than it has to, even if it’s a spectacular deal. It’s only natural to want to wrap that mortgage up as soon as possible, freeing you to own your own home without any strings attached (while saving as much as you can on interest).
But many homeowners are passive, rather than active, with their home loans. That is to say, they aren’t regularly checking with their mortgage brokers or accountants to ensure they’re paying the loan off as quickly as possible.
If you aren’t regularly evaluating your options, you might wind up paying more interest than necessary. If you’re looking to get more active with your home loan, stay on top of things like:
Your home loan conditions
The most obvious place to start is the home loan itself. Consider refinancing your mortgage or adjusting your loan to get a better deal.
For example, adjusting your monthly repayments into fortnightly repayments is a quick win. You’re adding what is equal to an extra monthly repayment every year, which can add up quickly over the life of a loan.
But if you really want to break down your finances and work with qualified mortgage brokers to determine the right plan for you (or assess the “health” of your current loan), check out our refinance offers. We regularly help homeowners save money on interest and pay off their loans faster with our flexible home loan packages.
Tax deductions, tax returns and home loan discounts are great options for shaving off sizeable portions of your home loan.
You’ve probably already considered throwing your tax return straight towards your home loan, but are you eligible for home loan discounts based on your occupation or the professional organisation you work for?
It never hurts to ask.
Your personal finance
Of course, the most intuitive way to pay off your home loan faster is to find ways to save or make more money. If only it were as simple to do as it is to recommend, right?
Talk to your accountant to make sure you’re managing your various bank accounts and financial ins and outs as efficiently as possible. Small gains add up over the life of a loan, so any effort you can make to tighten your financial habits will pay off in the long run.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.
Click here to speak to us!