02/10/2026
Want to pay your mortgage off faster?
With higher living costs and interest rates, many homeowners are feeling the pressure. Here are 6 strategies worth looking at:
💰 1. Make extra repayments
Even an extra $400 a month can help you pay your loan off up to 8 years early (on a $500k loan over 30 years at current interest rates). The earlier you start, the bigger the impact.
🔄 2. Look at your loan term
Reducing your loan term helps you pay the mortgage off sooner. The trade-off is higher regular repayments, so it must fit your budget.
📅 3. Consider fortnightly repayments
If your monthly repayment is $4,000, that’s $48,000 a year. Switching to fortnightly payments of $2,000 means you make 26 payments ($52,000 total). That’s an extra $4,000 going straight to your loan principal each year without changing your lifestyle budget.
📊 4. Find room in the budget
Finding an extra $100 to $200 a month adds up over time. Every dollar of interest you don't pay stays in your pocket.
📈 5. Look at the bigger picture
Using surplus cash or equity to invest (property, shares, etc.) can form part of a long-term strategy to build wealth and pay down your loan faster. This carries risk, so expert advice is essential.
And finally...
🔄 6. Review your loan regularly
Your circumstances change and interest rates shift. A review every 6-12 months ensures your structure and rate still make sense. Reach out and your broker can negotiate with lenders for you.
Paying off your mortgage faster is about making small, consistent changes.
Want to check your options? Get in touch with us at Jacobs Mortgage Centre.
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Jacobs Mortgage Centre PTY LTD ACN 670 838 856
Credit Representative 552679 is authorised under Australian Credit Licence 389328
Disclaimer: Your full financial situation needs to be reviewed prior to acceptance of any offer.
