How Can You Pay Off Your Mortgage Faster?

A home loan is one of the biggest financial commitments many of us will make – but paying it off sooner than expected is possible and it doesn’t always mean big changes. At Community Bank Sarina, we’re backed by Bendigo Bank and here to support locals with clear, practical ways to take control of their finances and make smarter decisions about their future. If you’re looking to reduce the life of your home loan, here are a few strategies worth considering:

Make extra repayments
Adding even a small amount to your regular repayments can reduce interest and loan term. For example, adding just $50 per fortnight on a $500,000 loan (30-year term, 6.5% interest) could save over $87,000 in interest and shorten the loan by nearly four years.

Offset accounts and redraw facilities
Keeping money in an offset account reduces the interest charged on your loan. Similarly, using a redraw facility allows you to access extra repayments if needed, while still reducing your loan balance in the meantime.

Find a lower interest rate
Even a small difference in interest rates can add up over the life of your loan. If your rate isn’t as competitive as it could be, it’s worth looking into options or talking to a lender about refinancing.

Review your loan regularly
Checking in on your loan and interest rate every few years – especially as your circumstances change, can help ensure your loan structure still suits your goals. Paying off a mortgage faster isn’t about making drastic sacrifices. It’s about finding the right tools, staying consistent and being supported by people who understand your goals.

At Community Bank Sarina, we take pride in being a profit for purpose organisation that invests in local people. If you’re looking for ways to pay off your mortgage sooner or considering refinancing, we’re here to talk. Come in and see the friendly team at 37 Broad Street, Sarina or call us on 07 4943 2634.

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