5 tips to help pay off your mortgage faster
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A mortgage can be confusing, especially when looking to pay it off as quickly as possible. Mortgages are simply a loan used to purchase a home. The most common type of mortgage is the fixed-rate, where you borrow a set amount of money at a fixed interest rate for a specific period of time (usually 15, 20 or 30 years).
However, there are ways someone can pay off a mortgage faster. In this blog post, we will provide five tips on how to do this:
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Refinance your mortgage
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Steer clear of interest-only loans
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Open an offset account
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Use a redraw facility
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Switch to fortnightly payments
By following these tips, you could be well on your way to being mortgage-free sooner than you thought!