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The Ultimate Guide to Paying Off Your Mortgage Faster in Australia

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I'm sharing five strategies to help you pay off your mortgage faster. We all dream of the day when we're mortgage-free, and these tips will help you get there sooner than you thought possible. Whether you're just starting out with your mortgage or have been paying it down for years, these tips will help you accelerate your progress and save thousands of dollars in interest payments. From making extra payments to reinvesting, we'll cover everything you need to know to pay off your mortgage faster and achieve financial freedom. I'll also talk about whether you SHOULD pay off your mortgage sooner or whether you should stay liquid.
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Опубликовано:

22 авг 2024

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Комментарии : 53

@Peter-uf1hd 3 месяца назад

Pay weekly, if you can, and any additional pay increases add it to the mortgage I pump way more each week than needed onto my loan which started I 2004 and will now have paid off March 2025 on my 30 yr loan

@jonokerr5094 3 месяца назад

Way more? Loan started in 2004, you saved yourself 4 years on 30 year loan. Not that much 😆

@method341 Месяц назад

@@jonokerr5094mate, stay in school

@MrJustinpb 7 месяцев назад

What beardo doesn't mention about refinancing is that it resets the amortization schedule, which means more of your payments go to interest instead of principal.

@anthonyplaysbass 7 месяцев назад

Is that in Australia?

@Warlowisnumberone 5 месяцев назад

He did mention that and the rationale behind why he would do it anyway

@MrJustinpb 5 месяцев назад

False.

@Warlowisnumberone 5 месяцев назад

From 3:42 - 5:24 he literally explains it

@MrJustinpb 5 месяцев назад

@@Warlowisnumberone What does he explain? Does he explain that when refinancing the amortization schedule resets to 0 and so the next year's payments to the bank are almost exclusively interest? Does he calculate how much better (or worse) off an average home owner would be? No. Don't take finance advice from a guy that can't even manage his own beard.

@geneg3776 Год назад

The thing I have trouble with is working out how much to leave in your offset account and how much to make in extra payments. Also considering having the extra money as a buffer to make repayments when the interest rates goes up. Would love to hear any suggestions.

@Anearthchild Год назад

Hi Greg, broker here, an offset account is now redundant as most loans offer a free redraw facility. Offset accounts cost you an annual (or monthly fee), so you can save around $12k in fees just by ditching this. We don't recommend offset accounts unless there is a specific reason you want one, as they normally come at a higher interest rate as well. So just use a basic account with redraw which gives you the same advantages but without the fees and might be 20-30 basis points cheaper. Redraw is any money paid over your minimum payments. It sits in a little sub pocket in your home loan until you tell the bank to pay it into your loan. Redraw is available for you to take out (redraw) if you need to just make a normal bank transfer from your home loan account. The benefit of using redraw to stash your cash over offset, is that you are less likely to take it out of mortgage (no debit card). You save the offset account fees and you get a lower rate.

@IFarmJelly 8 месяцев назад

damn, wish i knew this @@Anearthchild

@chuckdaman1509 Год назад

Forget paying fortnightly, or even weekly. Pay daily.

@lukewiles1 Год назад

I'd prefer to pay hourly if possible.

@chuckdaman1509 Год назад

@@lukewiles1 Interest is calculated daily. Do the sums and you'll see what I mean.

@marcusaurelius6012 8 месяцев назад

I hear you mate. Every day, regardless l throw $$$ into super and mortgage

@chadmercer3995 Год назад

Solid tips, Luke. Really appreciate the vids. Keep them coming!

@snedzy1506 Год назад

Good work champion. Keep kicking goals

@criostoirashtin11 5 месяцев назад

offset or redraw?

@lukewiles1 5 месяцев назад

Offset for me

@boingoctran273 5 месяцев назад

Very useful! Thank you so much

@ihn2023 Год назад

What is the difference between offset and redraw?

@lukewiles1 Год назад

Offset is highly liquid allow you to push/pull the funds at any time from your bank account. Redraw typically means you need to put in a request to the bank to access the funds required

@RaulNigli 7 месяцев назад

Offset is your money. Redraw is the banks money. You'll be taking out a new loan via redraw. It also has major tax implications if not used correctly.

@susmusmanoj112 Год назад

Luke .. negative hearing . Eg if I earn 60k and partner earns 90k .and house is negatively geared .. now when we file tax whose income Is the negative gearing aimed to ?

@lukewiles1 Год назад

depends on the property's title - ie who owns the investment

@peekhub7446 7 месяцев назад

Great video! Question does a redraw account work the same as a offset?

@lukewiles1 7 месяцев назад

Essentially yes, they give you access to cash but in different ways. Offset is a separate cash bank account where you can park spare funds. Redraw means increasing the loan amount to access more funds

@akilaliyanage Год назад

@lukewiles1 mate, have you done the calculation with fortnightly payments? If you just switch to fortnight payments it doesn't do anything. But if you divide the monthly payment by 2 and pay fortnightly yeah. I'm sure you do that way but not sure if I heard it in the video. Thanks for the regular content

@lukewiles1 Год назад

Yes we pay fortnightly for our own home and monthly for investments - thanks mate!

@coolvideos8019 Год назад

Would it be better to pay weekly? Or biweekly? Which one saves more money on interest?

@akilaliyanage Год назад

@@coolvideos8019 biweekly, half of your monthly payment. By doing this you pay an extra month which is 13 months in each year. If you pay a quarter of your monthly payment weekly, you still pay for 13 months. So there isn’t much gain.

@aswinraghuraman7842 10 месяцев назад

We always pay interest for the remaining principal loan amount. So when we make it weekly, you are actually reducing the small interest that we pay bank for each month compared to monthly repayments.

@et5712 9 дней назад

@lukewiles1 Hi mate I just came across the channel and subbed 👍 just want to ask I’ve been making extra repayments and I never knew it didn’t get absorbed into the loan but was just building as an available balance for redraw purpose. Apparently it worked to reduce interest but that’s not what I wanted. I believe if it went to the principal being absorbed in the loan amount I would have been WAAAAY better off. Can you confirm that I’m thinking correctly? Sorry for the amateur question. Cheers.

@et5712 4 дня назад

Well after some maths it appears my repayments did work as principal payments but the bank couldn’t just tell me that exactly….. typical word twister from them to confuse me is all.