Finance advice
5 Savings tips to pay your mortgages off sooner

5 savings tips to pay your mortgage off sooner

By Philippe Brach

Paying off a mortgage as quickly as possible reaps many benefits – hundreds of thousands of them, actually!

By being money-smart, everyone can find ways to add ‘bonus money’ to a loan. By leveraging some simple savings strategies you can reduce the term of the loan and the interest you’ll pay, which may result in savings worth five or six figures.

These five easy steps will show you how a little can go a long way:

1. Reduce overspending.
We all do it. Unplanned purchases and impulse buying can seriously affect your financial health. Just by simply preparing a budget shows how much can be saved with a little planning. However, when creating your budget, be realistic, allow yourself some treats but once you’ve set it in place stick to it.

One of the most common overspending areas relates to services offered when we are short of time. So, for example, many of us rush off to work, buying food along the route, without considering what is already in the pantry/fridge at home. We pay inflated prices for takeaway lunches, pre-packages dinners and, of course, the coffee we can’t live without – adding a cake or pastry! So, set limits on your spending and put the additional savings towards your loan repayments.

Example: You have a 30-year loan of $450,000 with repayments of $2,400 a month at 5 per cent interest. If you add just $100 a month to your repayments, you’ll save $40,000 in interest and shave over two and a half years off the loan.*

2. Pay lump sums off your mortgage.
Instead of pocketing your tax return or work bonus, consider putting it directly against your mortgage. Every dollar over the repayment amount bites into your principal, which reduces the interest payable over the term of the loan.

Example: If you borrowed $350,000 over 30 years, at 5 per cent interest, and threw in your $2,000 tax return refund five years into the loan term, you’ll save almost $5,000 in interest*. Imagine if you did that with every tax return, every year?

3. Don’t be complacent about direct debits and insurances
Companies rely on our complacency. They want us to keep renewing insurances and subscriptions without shopping around for a better deal. Every year, do a health check of your insurances, including car, home and health, and promptly cancel subscriptions you don’t use. A long-forgotten gym membership can cost $70 a month!

And don’t forget to check your current loan/mortgage rate. Banks are very competitive these days, they are all vying for your business and there are some excellent deals to be had. So, if you haven’t checked your rate for a couple of years you may be paying over the odds. Far better to either negotiate a lower rate or change to lenders who offer better terms, pay the same amount and reduce that loan more quickly.

Example: You do some research on your car insurance and find a company that provides the same service for a cheaper price, and also have a $100 cashback deal for new customers. Make the switch and add your yearly savings and the $100 cashback to your mortgage for a small but effective boost to your repayment strategy.

4. Sell it rather than dump it.
With online selling now the norm, there’s no excuse for throwing out an old couch or TV. Take some photos, put it up for sale on online garage sale sites like Gumtree or eBay, and make a little bit of extra cash to throw onto your loan.

Example: If you’re doing a kitchen makeover put all the original appliances and fittings up for sale. There are plenty of people looking for a used fridge, oven, stovetop, rangehood, or dishwasher. Even cupboard doors or old benchtops can fetch a price. Your trash is someone else’s treasure, and they’ll be happy to take it off your hands and put some money in your pocket.

5. Stamp out your debt.
Debt kills your financial momentum. While you may be paying 5 per cent interest on your home loan, you could be forking out up to 20 per cent on your credit card or car loan.

Forget extra repayments on your low-interest mortgage until you’ve stamped out your high-interest debt – and once that liability is gone, you’ll have a ton of extra money to throw onto your mortgage every month.

Example: You have a seven-year car loan of $11,000 at 15 per cent interest, with repayments of $50 a week. Ultimately, you’ll pay $18,622 for your car. If you can pay off your debt sooner, not only will you save money on a depreciating item, you’ll also have $50 extra a week to throw onto your loan/mortgage.

* Savings calculated at InfoChoice’s extra payment calculator.

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About the Blogger

Philippe Brach

Philippe Brach

Multifocus Properties & Finance was established in 2005 with the aim of mentoring investors to create wealth and invest in their future by building an investment property portfolio.

The company is led by Philippe Brach who has over 25 years experience in the international corporate world specializing in finance, accounting and investment. He is a fully qualified and extremely experienced real estate agent, concentrating his attention solely on investment opportunities around Australia. In addition he is a highly regarded mortgage broker, being accredited with around 35 different lenders.

FROM THE WEB

podcast

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A softening market can be a difficult time for a property investor with finance approval tightening and property capital growth slowing, and while many real estate agents are also feeling the squeeze McGrath Brighton Le Sands' Bill Tsounias claims it is simply the market returning to normal.

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In this episode of the Smart Property Investment Show, Bill joins host Phil Tarrant to share his thoughts on the current Sydney property market, and to share the shifts that he has seen in house and unit sale prices following their worst quarter in the past decade.

Bill will unpack why properties are spending longer on market, share what he believes property investors are doing wrong when trying to sell their properties and share the secrets to getting the best out of a real estate agent and an auction in the current softening market.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Revesby
South Hurstville
Sans Souci
Strathfield

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Gavin Kemp and his now-fiancé bought their first property together after only six months of dating. They weren’t even living together at the time. Now, two years on, the pair have bought five properties, sold two and have a solid plan in place for their ongoing property journey. 

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In this episode of the Smart Property Investment Show, Gavin joins host Phil Tarrant to discuss how he chose the locations where he decided to invest and how, due to the initial lack of education (something that he now values highly), he lost money on his first two investments.

Gavin will share his thoughts on the current property market, reveal the people who he has leaned on throughout his property journey and discuss why his strategy employs a zero procrastination rule.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

What makes a good investment suburb?
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AREAS MENTIONED:

Redcliffe
Port Macquarie
Loganlea
Launceston
Raceview

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A joint property portfolio before they were even living together
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As the investment market tightens are you looking to learn something that will help you realign or readjust your property goals? In this episode of The Smart Property Investment Show, first time on the podcast Lisa Porter joins host Phil Tarrant to talk about the gems and wisdom associated with her modest portfolio of ‘only’ six properties.

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Listen now as Lisa and host Phil Tarrant discuss how her property journey started in the UK, with the purchase of a rough unit in a lower-socio suburb of South London. Lisa breaks down how that first purchase provided her greatest lesson, one she still applies today - turn off the noise, don’t worry too much about the peripheries and just get on with it.

The pair also discuss how property has given Lisa so much extra value in her life, not just building an asset base and heaps of enjoyment, but it also how it changed the trajectory of her career. Women, she says, shouldn’t be fearful of being proactive and taking control of the direction of their family’s financial future.  

 

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Walking and talking property investment with Lisa Porter – therapy, empowerment, education and inspiration

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