SHORTEN YOUR MORTGAGE

Genius ways to save thousands of dollars!

PAY FORTNIGHTLY

Moneysmart (moneysmart. gov.au), the government website that helps Aussies take control of their money, suggests changing your repayments from monthly to fortnightly. “By paying half the monthly amount every two weeks, you’ll make the equivalent of an extra month’s repayment a year (since each year has 26 fortnights),” it says.

FORGO INTEREST ONLY

While interest-only loans on investment properties can help cashflow when rates are high, financial adviser Helen Baker (onyourown twofeet.com.au) says it could be wise to clear more mortgage with rates so low. “By doing so, you boost equity,” she says. “And if the property becomes positively geared, you have an extra source of income.”

GO FOR GREEN

Analysis by comparison site finder.com.au says solar panels can pay for themselves in six years, freeing up funds to help pay off a mortgage. Brighte (brighte.com.au) offers affordable avenues to finance solar power for a more sustainable home, with customers saving an average $1000+ on annual household electricity bills.