It doesn’t have to be the stuff of dreams. There are several strategies that could help you pay off your home loan sooner. And it doesn’t necessarily mean sacrificing the things you love doing today.

The first step towards paying off your home sooner is to understand your loan - how much you owe, how much you are paying and what other financial commitments you have.

Once you know where you stand you can start getting smarter with your loan.

CONSOLIDATE YOUR FINANCIAL COMMITMENTS

Over time, it’s easy to build up small loans here and there. Individually, they may not seem like a lot but it could mean you’re paying higher interest rates and lots of extra fees, which could keep you in debt longer and really impact your lifestyle today. By bundling all your financial commitments into one loan you can get a clearer picture of what you owe and potentially save money too.

MAKE FORTNIGHTLY REPAYMENTS

If you can afford it (and you’re not doing it already), consider changing your home loan repayments from monthly to fortnightly. This can make a really big difference to your loan.

Of course, by changing your repayment frequency you may need to be more mindful when it comes to managing your money. One way of doing this is to align your pay dates and repayment cycle. Even though it may take time to adjust, you could keep thousands of dollars in your pocket that you would have otherwise paid in interest.

USE AN OFFSET ACCOUNT

An offset account is a simple tool that can potentially help you save thousands over the lifetime of your home loan.

OWN YOUR HOME SOONER AND STILL ENJOY THE THINGS YOU LOVE

If owning your home sooner and maintaining your lifestyle are both important priorities to you, consider speaking to us.

Based on your goals, and personal situation, we will be able to create a personalised plan that’s right for you. With expert advice, you’ll be on track to owning your home sooner while still enjoying the things you love today.

Open the door to new possibilities by contacting Arrive Wealth Management Perth Pty Ltd today on (08) 6141 3270 or infoperth@arrive.com.au.

Important information

Your privacy is important to us and Hillross Financial Services Limited, which is part of AMP. You may request access to your personal information at any time by calling us on (08) 6141 3270 or contacting AMP on 1300 157 173. Information collected will be subject to AMP's Privacy Policy. You can also contact us or AMP if you do not wish to receive information about products, services or offers available from us or AMP from time to time.

Learn about the people who can help you plan your future