1. Make Extra Repayments 
On a typical 25 year mortgage, anything extra you can pay off in the first 8 years, (when most of your repayments are primarily paying off the interest) can cut the life of your loan. Likewise, interests are charge daily on the balance of the loan so if you make extra repayment you are reducing your interest charges. The faster you pay your home loan the better for you.

2. Use your Mortgage as Savings Account 
A mortgage offset account can save interest on your loan. For the period of time your money sits in your offset account it is “offset” against your loan.

3. Repay More Often
Paying fortnightly rather than monthly will help you pay your loan faster. For example if you are paying $1000 per month, divide it into two $500 every fortnight you will end up paying $500 for 26 times total $13,000 whilst at $1000 per month you end up with $12,000 total for the year.

4. Review your Interest Rates Regularly
I can help you with this and I can help you negotiate better rates if you think you can get lower rates with another bank/lender. If your bank doesn’t give in then perhaps we can look at switching your bank. Shop around….

5. Every Little Helps
Giving up smoking and putting the money into the mortgage will save you thousands of dollars. What are you prepared to give up???

6. Use a Redraw Facility
A redraw facility allows you to make extra mortgage payments and then withdraw them if you need them. It just means that you can put all your “rainy day” money in your mortgage, knowing you can get it out gain if need to.

7. Use your Equity
Leverage your equity and use it to invest into property to grow your portfolio. In other words create wealth using the equity of your home whilst your are working and paying tax.

8. Consolidate your Debt
You can use your equity as well to pay out other personal debts that you are paying high interest like Credit Cards and Personal loans

9. Stay Ahead of the Game
A mortgage is a long-term commitment but don’t just set and forget. Keep abreast of what is happening in the marketplace in terms of products, interest rates and always speak to your mortgage broker (Me) for a Financial Check-up

10Align your loan repayments with your income cycle
Set up your loan repayments to match the regularity that you get paid. This will allow you to keep as much as money as possible offsetting you loan reducing your interest.

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