Mortgage Reduction Strategies and Household Budgeting Tools

Owning a home is a significant financial commitment, and for most Australians, it means taking on a mortgage that lasts for decades. The good news is that there are effective ways to reduce your mortgage faster and ease financial stress through smart household budgeting. This article explores practical mortgage reduction strategies and highlights key household budgeting tools to help you stay on top of your finances.
Effective Mortgage Reduction Strategies
1. Make Extra Repayments
One of the most effective ways to reduce your mortgage is by making extra repayments. Even small additional payments can shave years off your loan and save you thousands in interest. Most lenders allow you to make extra payments without penalty, particularly for variable-rate loans. If you receive a bonus, tax refund, or an unexpected windfall, consider directing it toward your mortgage.
2. Switch to Fortnightly Payments
Rather than making monthly repayments, consider paying fortnightly. Since …
Read More