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There are several strategies that could help you pay off your home loan sooner. And it doesn’t necessarily mean sacrificing the things you love doing today. The first step towards paying off your home sooner is to understand your loan-how much you owe, how much you are paying and what other financial commitments you have. So, it would be worth considering the following:
Consolidate your financial commitments
Over time, it’s easy to build up small loans here and there. Individually, they may not seem like a lot but it could mean you’re paying higher interest rates and lots of extra fees. By bundling all your financial commitments into one loan you can get a clearer picture of what you owe and potentially save money too.
Make fortnightly repayments
If you can afford it, consider changing loan repayments from monthly to fortnightly. Even though it may take time to adjust, you could keep thousands of dollars in your pocket that you would have otherwise paid in interest.
Use an offset account
An offset account is a simple tool that can potentially help you save thousands over the lifetime of your home loan.