Paying off your home loan is a long process, but with these top tips you could get your debt paid off sooner.
- Pay your loan off on a weekly or fortnightly basis instead of doing it monthly. If you do this then you’ll pay less interest over the year and make a bigger dent in the loan.
- Keep your payments steady even if the interest rate drops. This will enable you to clear more debt while the cost is low.
- Pay your tax return straight back into your home loan for a yearly boost.
- Understand your fees for your loan and your bank so that you can avoid unnecessary costs.
- If you have high cost debit cards, credit cards, personal loans or car loans then pay these off first. These debts tend to have higher interest rates and will cost you more in the long run.
Source: http://www.propertyobserver.com.au/mortgages/ybr-s-top-25-tips-for-paying-off-your-home-loan-faster
