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13 Answers

Really want to get the mortgage down, any help appreciated


Posted anonymously, 18th August 2019


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  • There is an app called WISR, and it rounds up every purchase you made and puts it aside, then at the end of the month you can nominate it to go into an account (make this account your mortgage) by the end of the year you may have put an extra few hundred dollars onto your mortgage without even feeling it!


  • We have an off set account and put all extra money into it weekly.


  • I agree with all the helpful advice above! The best thing i ever did for my finances was to draw up a detailed budget – I accounted for EVERYTHING. I think i did mine for a monthly basis (divide rego, quarterly bills etc into a monthly amount). You want to get a really clear picture of where your money is going. Allocate the income across all the fixed essentials, then give yourself a strict budget each week for non essentials. You’ll have to be strict if you really want to make a difference! Any extra goes to the mortgage. During this process, look also at where you can trim the fat. Shop around! the Canstar website will be your best friend! It may seem like a hassle, but you really can save a lot by changing energy providers, or health insurance, car insurance etc. I saved us thousands of dollars a year by changing our life/TPD cover!
    Review this budget regularly. Update if you find additional money. You will be AMAZED at how much extra you can come up with!


  • This is a topic I could talk about for hours!
    I work for a mortgage broker and love seeing people pay of their homes sooner.
    -If you have a variable rate use an offset account. If you don’t have this feature put all of your money into the loan and draw out what you need once a month.
    -reevaluate your loan, speak to a professional and make sure that you have a competitive rate and product that is working the best for you.
    -make a budget and see if there is any where you can be saving extra money. Biggest tip with a budget is to make sure you are honest about where you are spending your money. make 2 budgets 1 for what you are spending now and the other to show what changes you are going to make.
    -make extra repayments into your loan account (most facilities will let you draw them out if you need them)
    -look at a website that does a prediction of your loan. AMP have a good one that take into account your loan, extra repayments and whats in your offset account. seeing your financial position on a graph is a great intensive to work harder for your goals.

    Good luck!


  • We just pay a little extra each week and once we have saved up a bit of money that we dont need we usually put it on it as well.


  • If you have an offset account use it. If interest rates go down keep paying the same repayments so you pay off more. Any extra money like tax returns pay straight off your mortgage same as any payrise put it towards the mortgage before you get used to having it.


  • Save money wherever you can and put that extra money towards the mortgage. Every little bit helps.


  • Pay extra by putting some each fortnight


  • Also; make a budget and save left over money for paying off the mortgage faster. Every little bit (spare money) helps in paying off the mortgage.


  • Make extra payments and pay any extra money towards mortgage.


  • Paying your mortage on a weekly basis (rather than fortnightly or monthly) allows you to save on interest (if your interest is calculated daily) and paying any extra payments when you can. Even $10 extra a week will make a huge difference


  • If you get any money back from the ATO for example, or money gifts… put them in the mortgage. It doesn’t matter how much you put. Even ten dollars extra paid every month makes a difference in the amount of interest you pay.


  • Work out how much it costs to live but adding all yearly expenses and dividing by 52 weeks. Add a buffer in, and all other money goes directly on extra mortgage repayments.


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