Mortgage Reduction

Paying off your home mortgage is one of the key goals of most Australians, but most of us have no idea how to do it.

There are many ways to pay off your mortgage quicker than the 30 year term, but not all will work for you. The key to everything is knowing what your repayments are and knowing how that works within your budget.

Once you know this there are many ways to reduce your mortgage quicker:

• Use a line of credit to manage your cashflow
• Refinance your high cost debts such as credit cards into lower cost home loans
• Use fixed rates to give your repayments some certainty
• Use a 100% offset account
• No frills loans
• Gearing, both negative and positive
• Tax efficient income

All these strategies and more are available, but without the correct advice they mean nothing. Financial advice from a licensed planner gives you some certainty that the advice is given by a qualified and trained professional, not a good salesman.

Remember if someone offers to reduce your mortgage by you paying them a fee, would it not be better by just paying that amount of money off your mortgage?