Becoming mortgage-free faster can free up money for additional investments. Depending on your circumstances, paying extra on your mortgage could potentially save you thousands of dollars in interest over time. Speaking with a financial adviser about your financial goals is key to understanding how to pay off your home loan faster.
Things to consider include:
1. Getting a good deal on your mortgage interest rate.
2. Protecting yourself with cover in case of extended illness.
3. Paying more and paying regularly.
4. Using your redraw facility as a savings account.
Depending on your individual situation, extra money you receive can be put into your mortgage to pay your debt sooner. Depositing the money into an offset account can help reduce payable interest and let you pay your loan faster.
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Disclaimer: This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it.
Any taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice.