Regardless of whether your mortgage is higher or lower than these figures, you probably want to reduce your loan balance and become debt-free sooner. Here are some tactics to help you achieve that goal:

Switch from monthly to fortnightly repayments – By making repayments every two weeks instead of once a month, you’ll effectively make the equivalent of 13 months of repayments each year. This strategy can help you pay off your mortgage faster and reduce your total interest.

Use your offset account or redraw facility – If your home loan includes an offset account or a redraw facility, take advantage of them. These features can reduce your interest bill by lowering the principal amount on which interest is calculated.

Refinance to a lower interest rate – If you have at least 20% equity in your home, you may be eligible for more competitive interest rates. Refinancing to a lower rate can significantly reduce your monthly repayments and overall loan term.

Keep in mind that the right approach depends on your personal circumstances and financial position. If you need help evaluating your options or running the numbers, please reach out. I’m here to guide you in finding the most effective strategies for reducing your mortgage and achieving financial freedom.