Ten tips for paying off your mortgage faster

By Robert Projeski

Anyone who has ever had to pay off a mortgage will tell you they would love to pay it off

before the term, but most people will continue to chip away at their loan on autopilot. A

proactive strategy can cut your loan term from 30 years to less than half in some cases.

1. Pay your mortgage as you receive your income, e.g. fortnightly.

2. Set up an automated recurring payment for your mortgage payments.

3. Park the large lump sum into your mortgage account

4. List your regular expenses and you will find 1 or 2 items that you can do without.

5. Make a habit of going only to the ATMs of your bank.

6. Increase your repayments while rates are stable.

7. Have your wages paid directly into your home-loan account

8. Offset your loans with a savings account.

9. Perform a mortgage health check.

10. When re-financing, consider pooling or consolidating any other loans

To give your home loan the free ‘home loan heath check-up’ log onto www.amo.com.au or

call us now on 1300 266 437

Robert Projeski is the MD of multiple award-winning independent lender Australian

Mortgage Options.