YOUR MORTGAGE. YOUR PACE.
Mortgage reduction, with room for life.
A smaller mortgage starts with understanding the one you have. Explore the choices, then put your own priorities into words.
Begin with the balance, not a promise.
Extra payments towards your principal can reduce the interest charged over time and bring the end of a loan closer. First check whether your loan permits them and whether limits or fees apply, especially during a fixed-rate period.
A regular loan review can include your rate, fees and features. Asking your existing lender for a better deal is one possible starting point; switching lenders is a separate decision.
Make the numbers personal to your budget.
Our repayment explorer illustrates what an extra monthly amount might change. It assumes a constant rate and no fees. It is a starting point for questions, not a prediction or a recommendation.
- What amount could you sustain alongside your usual commitments?
- What cash would you want available for an unexpected expense?
- Which loan restrictions would you need to check first?
A few useful questions.
Will paying fortnightly always save interest?+
The amount matters. Paying half a monthly amount every fortnight produces 26 half-payments a year, equivalent to 13 monthly payments. Simply changing the frequency does not necessarily create the same extra contribution. Confirm the repayment arrangement with your lender.
What if repayments already feel difficult?+
Extra payments may not be your immediate priority. Speak with your lender early about support and see Moneysmart’s guidance on problems paying a mortgage.
Read the original sources
- Pay off your mortgage fasterASIC Moneysmart
- Problems paying your mortgageASIC Moneysmart
A CLEARER NEXT STEP
Bring it back to your life.
Capture your priorities in a private summary you can download.