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Our top four tips will help you pay back your home loan quickly.

A mortgage is a big financial debt, and many people want to know how to pay their mortgage off faster. Our four simple tricks can help you shave thousands of dollars off your mortgage and ensure you're debt-free faster.

Tip #1: Change to weekly or fortnightly repayments

Changing from monthly payments to a weekly or fortnightly repayment is one of the smartest and easiest things you can do if you want to get your debt paid back quicker. Interestingly, despite its advantage to you as the borrower, not many bankers recommend this option as it’s more savings in your pocket.

Here’s how it works:

If you have a $500K loan with a rate of 3.90% and repay your loan monthly at $2400 you would end up paying $336K in just interest over the next 29 years. Changing to a fortnightly repayment will end up saving $50K and pay off your loan about 4 years ahead of schedule.

Most banks will actually let you change your repayment frequency via online banking, but if this isn’t an option for you just call your bank and get your repayment changed over the phone.

READ MORE: See how an offset account can save you money in the long run

Tip #2: Make additional repayments

It seems like an obvious choice, but if you have any additional money you can use to top up your repayments, you can make additional repayments on your loan, depending on which loan you have.

Here’s how it works:

You might choose to stop your ‘to go’ lunches during the week and manage to save $50 per week to put into your mortgage, increasing your repayment by $100 each fortnight. Continuing with the same rates in tip one, if you have a 500K mortgage with a rate of 3.90% and now make fortnightly repayments at $1200, adding your extra $100 will end up saving you a further $39K and 3 years off your mortgage. These two steps effectively saved you $89K and you’ve shaved back paying off your loan by 7 years.

Tip #3: Invest some time and haggle

Generally, banks have two pricing structures — one for the back book (old mortgage customers) and one for the front book (new mortgage customers). Just like a newborn who steals the spotlight from their own sibling, the front book is given plenty of preferential treatment with lower rates and better offers. As a back book customer, banks won’t reward you for your customer loyalty with a reduced rate — even though they have the technology to identify loyal customers. They keep back book customers on the same rate in order to maintain their profit margins.

Here’s how it works:

All you have to do is ring your bank and say you’ve been approached by one of the other banks with a good enough rate for you to refinance your loan out. You should be able to get a reduction on your loan of about 0.10%-0.50% at the very least. If your loan is with one of the Big Four banks, you can mention the competitor also happens to be a Big Four — always remember that these banks hate losing customers to each other and use this to your advantage. But there is a catch; to get the best results, you have to go through this process every year. In the long run, it’s worth your time.

READ MORE: Are you being penalised with higher rates for being loyal?

Tip #4: Make paying off your mortgage a priority

While this isn’t technically proven through calculations and numbers, it’s an important point. When priorities are set, they become a focus. Taking a 25-year mortgage loan and repaying this debt is one of the main reasons we work hard and earn a wage — all this to call this place on earth ‘our home’. Being debt-free and having a place to call home is probably one of the best feelings you could have. So keep the focus and make paying off your mortgage a priority.

If you hate paying more than you need, don’t be turned-off refinancing your loan by thinking it’s too much work. When you use Joust, all you need to do is fill out your profile and sit back while banks and lenders bid over you as a customer. Want to find the best home loan rate for your needs? See how Joust can help here.