How to Pay Off Your Mortgage Faster Without Feeling the Pinch

1. Pay Fortnightly Instead of Monthly This simple switch can have a big impact over time. Paying fortnightly instead of monthly means you make 26 payments each year instead of 12. This works out to effectively one extra monthly payment each year, helping you reduce your loan term and pay less interest overall. 2. Round Up Your Repayments If your repayment amount is $743 a week, round it up to $800. That extra bit each week adds up quickly and helps you pay off more of the principal. It is a small habit that can make a big difference over the life of your loan. 3. Put Windfalls Straight on the Loan Tax refunds, work bonuses or leftover savings at the end of the month can be put directly onto your mortgage. These lump sum payments help reduce the balance and the interest charged, making a real difference over the long term. Different banks allow different amounts placed onto the loan without penalty, check with me first. 4. Use an Offset Account if It Makes Sense for You An offset account links your savings to your mortgage. The more you have sitting in this account, the less interest you pay because the bank only charges interest on the difference between your mortgage balance and your savings balance. This is a good option if you have steady cash flow and a savings buffer you do not need to touch often. 5. Review Your Loan Every 12 to 24 Months Your mortgage should keep up with your life. Reviewing it regularly makes sure you still have the best rate and structure for your goals. You may be able to negotiate a better rate, adjust your repayments or change the way your loan is set up. I can help you review your loan and make sure it still works for you. 6. Keep Payments the Same When Refixing at a Lower Rate When interest rates drop and you refix, it might be tempting to lower your repayments. But if you have been managing the higher amount comfortably, it makes sense to keep your repayments the same. This way, more of your payment goes towards the principal instead of interest, helping you pay off your loan faster without feeling any extra pinch. Small Changes Make a Big Difference Paying off your mortgage sooner does not have to feel impossible. Small adjustments can add up to huge savings over time. If you want personalised advice on how to get ahead on your mortgage and keep it working for you as life changes, get in touch any time.