With all the hype about rising interest rates and higher loan repayments in the media, our household budget gets closely examined to see if we make can savings to manage.
After all, a mortgage is the biggest debt most people will ever have.
And the faster you can pay it off, the more you’ll save in interest and the more money you’ll free up for other things in life.
Here are three ways to pay your debt down faster:
- Round up your mortgage:
Every spare dollar you have that is not being used or invested elsewhere should theoretically be put towards paying down your mortgage. Consider rounding up your payments to help fast-track the process. Instead of paying $1910 per month, make it $2000.
- Set your repayments to fortnightly:
There are 12 months in a year, but there are actually 26 fortnights – not 24! By paying fortnightly, you’re effectively making an extra 2 repayments each year and paying your mortgage off faster.
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