5 Proven Strategies for Paying Off Your Home Loan Faster

The Mortgage Supply Co

April 30, 2024

Achieving a mortgage-free status faster may seem like a distant dream, but with the right strategies, paying off your home loan faster is entirely within reach. While there is no secret sauce, adopting smart financial practices can significantly accelerate your journey to debt-free homeownership.

Let’s delve into some effective techniques to accelerate your mortgage payoff and pave the way to financial freedom.


It’s simple yet impactful; allocate additional funds towards your mortgage whenever possible. Even modest contributions snowball over time, significantly reducing both your principle balance and interest payments. Cultivate the habit of making extra payments right from the outset to jumpstart your progress.

2 – Pay fees upfront

Rather than rolling lending fees into your mortgage, consider paying them upfront. By doing so, you not only minimise interest accrual but also trim down your overall repayment timeline.

3 – Resist the temptation of lowering repayments

When interest rates dip, it’s tempting to reduce your repayment amount and indulge in extra spending. However, maintaining consistent payments, even increasing them, can substantially help pay your mortgage off and save you thousands in interest payments.

4 – Harness the potential of offset accounts.

While not widely utilised in New Zealand, offset mortgages offer a powerful strategy for accelerating your journey to becoming mortgage-free
With an offset account, your mortgage balance is offset by your savings, effectively reducing the amount on which interest is calculated. For instance, if you owe $100,000 but have $20,000 saved in an offset account, you’ll only pay interest on $80,000.
Explore this option cautiously taking into consideration associated fees or higher interest rates.

5 – Implement the Three R’s; Review, Refix, and Refinance

Regularly review your mortgage terms and explore opportunities for refinancing or renegotiation with your current lender or others in the others in the market. Your Mortgage Supply Co adviser can offer you guidance and help you navigate the intricacies of securing a better deal and optimising your repayment plan.

Achieving mortgage freedom requires diligence, discipline, and strategic planning. By adopting these proactive measures, you’ll accelerate your journey towards paying off your home loan faster and unlock the doors to financial security.
Let’s embark on this journey together, get in touch with us to explore personalise strategies tailored to your financial goals

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