8 Tips to Pay off Your Mortgage Sooner


Between inflation and a looming global recession, getting rid of the biggest debt of your life seems more pressing. Paying off your mortgage earlier will save you money in the long run and take the pressure of mortgage repayments off. 

Here are 8 tips to pay off your mortgage sooner. 

1. Switch to more frequent payments

An easy way to pay off your mortgage sooner is to make more frequent payments. And an even easier way to do that is to match it to when you get your salary. For example, if you are getting paid fortnightly, switch from monthly payments to fortnightly ones. 

How this works is that by the end of the year, you would have paid off an extra month’s equivalent without barely noticing. 

2. Refinance

Refinancing home loans is a clever way of saving money. Emmanuel Guignard, Senior Mortgage Broker and Director at Loanscope, says “ it’s worth reviewing your home loan once a year.” 

Refinancing basically means switching home loans. You would do this because typically banks favour new customers, offering them better deals and interest rates. 

By reviewing your home loan and comparing it to what’s on the market in the present, you can find that you can save money on your payments – and therefore, pay off your mortgage sooner. 

3. Make extra payments 

If your loan allows it, you should consider making extra payments on your mortgage. Extra repayments can cut years off your loan. 

You could consider adding your bonus or the money you make from a side hustle into your mortgage. Alternatively, just adding $30 on top of your general repayments makes a substantial difference. 

4. Increase your repayment amount

Another way to own your house outright sooner is to increase your repayment amount. This works by making repayments as if your loan had a higher interest rate. 

For example, if you switch loans and get a lower interest rate, keep paying the loan as when the rates were higher. It’s a simple trick that will help you pay your mortgage sooner without noticing the change. 

Tip: for any changes to your mortgage, ask your lender if there’s a fee or if you’re eligible for making these changes. 

5. Cut back on your spending

The tips above talk about the clever tips you could employ to help you shed years off your mortgage. 

But depending on the changes in your life – perhaps you’ve started a family, or want to undertake a major renovation project – even some small financial changes might seem difficult to achieve. 

This is where cutting back on your spending comes in. And we don’t mean giving up the small guilty pleasures in your life (unless you really have to!). What we mean is to look for deals when it comes to the providers you’re already using – gas, electricity, internet, and phone plans. 

There is a lot of competition in this space and, the same as with refinancing, providers also tend to offer better deals to newcomers. So whether you call your provider to negotiate a better deal, or switch to someone better, this is a good hack when it comes to saving money. 

6. Consolidate debt

Not many people think about this, but consolidating debt – for example, your home loan, car loan, or credit card debt – can lower your interest rate and save you a lot of money in the long run. 

The downside is that once the debt is consolidated, the initial repayments will be higher, so you’ll need to make a financial plan for that. 

7. Work more 

Unless you’re a workaholic, working more is not fun – but depending on your lifestyle and financial situation, it might be the best thing you can do for your future. 

By taking on a side hustle, a freelance project, some casual work, or a part-time job, you can put all that extra effort and money into your mortgage. And your house will be yours much sooner! 

8. Rent a room

If you have the space, availability and conditions, renting a room in your home is a great way to pay off your mortgage sooner. 

While not everyone likes to share their space, with the housing crisis and the extra money that you could make, simply finding the ideal tenant might be a great option for you. 


As you can see, there are many ways in which you can enjoy your home sooner than you think. Even just one of these tips can help you pay off your mortgage quicker. So make a plan and put it in motion today! 


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