1. Pay off more
    The easiest way to reduce the time it’ll take to pay off your loan is to up your standard payments. It doesn’t have to a huge amount more, just an extra $20 a week helps. By paying off more at the beginning you’ll be bringing the total down, reducing your interest quicker and you’ll start paying off your principal (amount borrowed) sooner.

  2. Pay a lump sum
    Upping your payments may not be financially viable at the moment because of other expenses that may require your attention in the future, e.g. a new roof on your home. In this circumstance continue to pay your normal repayments till your fixed term ends and pay a lump sum amount then. This will help reduce your borrowed amount quicker. (Not all home loans allow for lump sum payments - check before doing this as there may be fees involved).

  3. Save on interest repayments
    By setting up an ‘offset account’ with part of your loan, you’ll only be charged the outstanding balance minus the linked account/s. What this means is, if your loan is $300,000 and your linked offset account has $10,000 in it, you’ll only be paying interest on the difference, $290,000. Want to read more about Offset Home Loans? Click here to read more about Offset Home Loans.

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